Taizhou Yuanda Football Club has been in the midst of a snowball of negative news after officially bidding farewell to the Chinese League One. According to a report by Oriental Sports Daily on April 2, the club underwent a double change of legal representative and equity restructuring last week, a series of changes that left the players and staff, who were originally plagued by unpaid wages, in an awkward situation of not being able to receive substantial compensation even after winning a judgment on their salary claims.
Reports revealed that Taizhou Yuanda completed the change of legal representative and equity restructuring on March 24 and 27 respectively. In the previous shareholding structure, the club's chairman Li Yang personally held 73% of the shares, while Taizhou Yuanda Investment Group held 27%. Now, Li Yang's personal shareholding dropped to 55%, and Taizhou Yuanda Investment Group's shareholding rose to 45%. It is worth mentioning that the new legal representative, Mr. Fang Xinquan, is not directly related to Taizhou Yuanda Investment Group or the club itself.
