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Hoa Phat Hanoi on September 7 agreed to liquidate itself into Hanoi ACB, after eight seasons as a professional football club.
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| Hoa Phat Hanoi have dropped out of Vietnamese football |
Hoa Phat Hanoi will transfer its players, facilities and assets and the right to participate in V-League 2012 to Hanoi ACB after being liquidated.
The controversial liquidation makes a mockery of Hanoi ACB’s relegation, as the club will remain in Vietnam’s top division despite being relegated, having inherited Hoa Phat Hanoi’s right to compete in the top flight.
The sport’s governing body the Vietnam Football Federation has yet to comment on one of it’s member clubs being able to in effect ‘sell’ it’s position in Vietnam’s top league.
Nguyen Manh Tuan, Hoa Phat Hanoi Chairman, said, “The team management board considered the decision very carefully and came to the conclusion that the team is not suitable for a professional football environment. Despite not investing in the team any more, we will closely follow our players, and wish them every success.”
The former Hoa Phat management board has waved goodbye to a considerable investment in Vietnamese football over the past eight years, however, the sudden decision has pushed dozens of staff whose contracts with the team are still valid into a difficult situation.
On September 8, leaders of Hoa Phat Hanoi worked with its coach Nguyen Thanh Vinh and some other key club staff to settle outstanding contractual issues. Hanoi ACB Chairman Nguyen Duc Kien also planned to work with Hoa Phat Hanoi for the final time before the official merger.
Hoa Phat Hanoi confirmed that it had transferred its assets worth hundreds of billions of VND to Hanoi ACB for no charge.
After being established in 2003, Hoa Phat Hanoi participated in the Vietnamese First Division in 2003 and in 2009 following relegation. The most noticeable achievement of the team was winning the National Cup in 2006 under Coach Vuong Tien Dung.
“In terms of the V-League, almost no other team has received as substantial support as Hoa Phat Hanoi. I, as well as players, are really sad about the situation. This is not an easy decision and it must be carefully considered by the management board,” Hoa Phat Hanoi Coach Nguyen Thanh Vinh said.
