|Hung Vuong An Giang have been dissolved after their relegation from V-League to V-League 2 this season.— Photo vietnamnet
AN GIANG (VNS) — Hung Vuong An Giang have been dissolved after their relegation from V-League to V-League 2 this season.
The decision was attributed to shortage of funds as both the An Giang Province and sponsor Hung Vuong An Giang Company failed to collect enough funds to cover the VND40 billion (US$1,900,000) needed to support the club.
Following an agreement, the province had agreed to contribute VND15 billion ($714,000), the An Giang Culture, Sports and Tourism Department VND4 billion ($190,400), while Hung Vuong An Giang was supposed to contribute the rest of the amount.
However, when the 2013-14 season ended last month, the company owed about VND10,8 billion ($514,000), leading to a situation that no salary or bonus could be paid to the players.
An Giang was promoted to the national premier league in 2013 after a 16-year wait. However, they could stay in V-League for only one year and were forced to return to the lower league due to their poor performance. They were at the bottom of the table with only 12 points after 22 matches. — VNS