BEIJING, Jan. 7 (Xinhua) -- China's second-tier club Guangzhou FC has attributed its failure to gain official admission to next season's professional leagues to heavy debts.
Previously known as Guangzhou Evergrande, the eight-time Chinese Super League champion was excluded from the list of eligible clubs released by the Chinese Football Association (CFA) on Monday, along with Cangzhou Mighty Lions and Hunan Xiangtao.
"The club tried various means to gain the leagues' admission. Unfortunately, the fund we raised was insufficient to clear the debts which have been running up over years," the club said in a statement.
"This led to the failure to gain the entry," the statement added.
It has been speculated that Guangzhou FC, once seen as the flagship of Chinese professional football, will disband following the league's denial. ■
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