File photo: The Chinese Football Association

On Monday, the Chinese Football Association (CFA) released a notice announcing the first batch of clubs in China that have completed debt clearance for professional league entry. A total of 41 professional football clubs have cleared their debts. Teams such as Changchun Yatai, Wuhan Three Towns, Cangzhou Mighty Lions are among those that did not make it into the first batch of clubs.   

According to the CFA, participating clubs must settle historical debts on time and ensure financial compliance to prevent debt issues from affecting the normal operation of the league. Completing debt clearance is the foundation for ensuring club operations and a prerequisite for participating in professional league competitions in the new season.

The CFA initiated the 2024 entry ahead of schedule, starting in early October. The salary payment review period, which started on November 1, 2023, came to an end on October 31. Salaries for November and December 2024 will be included in the entry review for the following year.

Any club intending to register for the nation’s professional leagues for the next season must settle all unpaid wages and debts within this year, otherwise they will not be granted entry for the new season.

During entry, the CFA primarily reviews debts within the football industry, including overdue wages to relevant personnel and debts between clubs. Debts outside the football industry are not part of the review.

The listed clubs are the first batch to complete debt clearance. The CFA will release subsequent lists of clubs that have completed their debt clearance in due course. There are a total of 78 football clubs in the Chinese professional football leagues, according to the website of CFA. 

Global Times