Guangzhou FC Liquidation Proceedings Started by Chinese Court

A court in Guangzhou has officially opened bankruptcy liquidation proceedings for Guangzhou FC, formerly known as Guangzhou Evergrande. This development marks a major milestone for one of the most successful clubs in Chinese football history.

The institution has faced severe financial difficulties linked to the collapse of its former majority shareholder, the Evergrande real estate group. The Intermediate People's Court of Guangzhou announced that it accepted the liquidation request presented by Guangzhou Zhonghang Service Management against the team.

Furthermore, the court designated a specialized liquidation team to act as the administrator of the troubled institution. Creditors have been instructed to communicate their claims to the administration until November 30.

Finally, the first official creditors meeting has been scheduled to take place on December 8 to discuss the ongoing financial situation.