In this Aug 17, 2022 file photo, Li Peng left of Wuhan Changjiang competes with Zhang Yuning of Beijing Guo'an during the 2022 season Chinese Football Association Super League match between Wuhan Changjiang and Beijing Guo'an in Wuhan, central China's Hubei province. The club announced on Wednesday that PHOTO XINHUA Wuhan relegated Chinese Super League CSL club Wuhan Yangtze River will no longer participate in any professional competition managed by the Chinese Football Association.
The club stated that it would handle the remaining problems, such as players and coaches' salaries, and club investors will continue to support youth football development, football education and other football related fields.
In late 2011, Zall Group took over the team after the club hit rock bottom, and invested more than three billion yuan about $442 million over the years, according to the statement.
The club has been representing the city of Wuhan in central China's Hubei province in the Chinese professional football leagues for 11 consecutive seasons since 2012 in a bid to keep developing the sport, it said.
The Wuhan Yangtze River, formerly known as Wuhan Zall, was promoted to the CSL in 2018 and finished third from bottom in the 2022 CSL in the relegation zone.