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VietNamNews

Two football teams fold amid finances debacle

Update: November, 29/2012 - 10:04

V-League's Ha Noi Football Club and its sister team, the First Division's Youth Ha Noi FC, will not feature in the coming season due to a lack of funds.

During a meeting on Tuesday, executive director Le Xuan Thong said due to the shortage of cash, both teams would not compete and players were allowed to find new clubs.

Since chairman Nguyen Duc Kien was arrested months ago for business improprieties, almost all of his properties have been blockaded.

Meanwhile the two teams need at least VND55 billion (US$2.6 millions) to meet the conditions of their respective tournaments, whose kick-off dates have yet to be confirmed.

According to Thong the huge amount is impossible to raise, although the teams have tried to sell their most valuable players, including three-time Golden Ball winner Le Cong Vinh and national team member Nguyen Thanh Luong, in a bid to plug the shortfall.-VNS

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