Updated  
November, 29 2012 10:04:07

Two football teams fold amid finances debacle

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

Send Us Your Comments:
Name:
Your E-mail address:
Title:
 

VietNamNews may edit your comments and not all emails will be published.

Highlight

Authorities step in to save old trees 1    Authorities step in to save old trees

The Ha Noi People's Committee has asked Ha Noi Urban Railway Management Unit to try to avoid chopping down many old trees to make way for a future metro line.

Young travellers rescue bus accident victims Young travellers rescue bus accident victims

A group of 16 young Vietnamese motorbikers were first on the scene at last Monday's tragic bus accident on its way from the resort town of Sa Pa, which killed 13 of the 50 passengers on a sleeper bus.

Capital's new urban areas still without safe tap water Capital's new urban areas still without safe tap water

People living in apartment buildings of the capital's new urban areas are expressing concern over poor-quality tap water.

Minister acts on highway peril Minister acts on highway peril

The Ministry of Transport has urged Lao Cai People's Committee to co-ordinate the completion of the highway linking Noi Bai airport with Lao Cai and the resort town of Sa Pa.

VN film triumphs at Venice festival 2    VN film triumphs at Venice festival

A film by Vietnamese female director Nguyen Hoang Diep beat seven other foreign debut features to win the Best Film prize at the 2014 Venice International Film Festival's International Critics' Week.