Saigon XT Football Club may close if main financial backer Nguyen Duc Thuy grows bored of subsidising the team.
Nguyen Duc Thuy (left) may leave Saigon XT
Thuy planned to meet with the club’s managing director Tran Tien Dai on December 12 afternoon, before reaching a final decision on investment in the club. The move follows a wave of mega-rich, supposedly keen football fans abandoning the clubs that they have used to promote their companies.
Dai told Dantri/DTiNews on December 11 that Thuy had made no comment on possibly quitting football.
Thuy recently resigned from the chairmanship of the club and is no longer wholly financing the football team.
He currently intends to provide funding of only VND25 billion (USD119,846) in sponsorship for the club next season, leaving Tien Dai responsible to raise additional funds to support the club’s survival.
Saigon XT has already cut wages to meet the shortfall, and halved its costs in previous season, letting go of star players Kesley, Nguyen Rogerio and Aniekan.
Amid its current financial difficulties, the club has sought support from the municipal Department of Culture, Sports and Tourism to continue paying its squad. However, the proposal may be rejected.
Dai said, “It’s possible that Thuy will leave our club. We’ll have to learn to adapt to new circumstances.”
Dai also admitted that he had failed to raise sufficient finances for the club for next season. This means that Saigon XT may follow Navibank SG and Hanoi Football Club into extinction as rich backers grow tired of their ego-boosting playthings.
