Shocking: "Burning" 150 billion, the Club where Cong Vinh once held the position of Acting President is on the verge of... dissolving?

"Burning" 150 billion to welcome V-League

The sudden upheaval at Ho Chi Minh City FC is not stopping after the decision to part ways with the position of acting President of the club by former striker Le Cong Vinh. Because until now, the position that CV9 left behind is still empty, and the team is in a downward spiral, with 3 consecutive losses.

In fact, with 9 points in hand, Ho Chi Minh City Club is only 4 points in the top 3 group. That means the gap is not too far for Miura and his team to be afraid of competing, nurturing the ambition to enter the top 3 as the goal set at the beginning of the season.

The problem of Ho Chi Minh City FC is... money, although at first glance at the way Coach Miura spends and invests in the team, no one would believe that the team co-owner of Thong Nhat Stadium is having financial difficulties. There are few teams in the V-League at the moment that are willing to spend so freely.

For example, the way Ho Chi Minh City Club recruited Phi Son, Ngoc Thinh, Van Thuan... at the beginning of the season, the team that CV9 was acting President at that time was willing to pay half the signing fee/contract, meeting the exorbitant salary. Phi Son is a typical example, this midfielder received a signing fee of 2.5 billion/season and as soon as he joined Ho Chi Minh City, the former SLNA midfielder received half the signing fee for a 3-year contract.

Ho Chi Minh City FC is generous and willing to spend, so they became the first team to use electronic advertising boards. Not to mention the bold decision... "even if you lose, you will also get a bonus" or add 50 million VND/goal, to encourage the spirit of Coach Miura's students since parting with Cong Vinh.

Spending money lavishly, so preliminary calculations show that after nearly 2 seasons of "transforming" the team in V-League, Ho Chi Minh City Club has "burned" 150 billion VND. This cost is... 5 times the cost of maintaining the team each season of SLNA (over 30 billion VND/season).

30 days to dissolution?

A private source of VietNamNet said that Binh Minh Company - the unit that plays the role of sponsor and milk supplier for Ho Chi Minh City Club - has just issued a surprising message: within 30 days, starting from May 17, 2018, this unit will send a document to VFF and request to dissolve Ho Chi Minh City Club, once it is not supported by the rescue mechanism.

The reason why the football team that Cong Vinh once held the position of acting President could be dissolved is because of the difficulty in finding financial resources to maintain the team. After nearly 2 years of holding the HCMC Club, "burning" 150 billion VND, Binh Minh has not had any source of income. This company emphasized that "there is a serious lack of funds to maintain the team's operations".

The deeper problem is that, after adopting the HCMC FC, Binh Minh was approved to exploit billboards in some areas in HCMC. The above revenue is to compensate for the cost of maintaining the team. However, while the unit spends money to take care of the team and invests heavily, the revenue to compensate is not smooth. Up to now, the owner of HCMC FC has not exploited a single cent from the billboards, despite being promised support.

Currently, the owner of Ho Chi Minh City Club has "called for help" from his superiors, and at the same time put pressure by declaring that within 30 days from May 17, 2018, if they cannot untie the knot to earn money to reinvest in the team, this unit will send a document to VFF and dissolve the team.