Soccer-Chinese club fears over future after takeover rejected

BEIJING, Jan 20 (Reuters) - The Chinese Football Association (CFA) have rejected a takeover bid for Chongqing Lifan, plunging the future of the newly promoted Super League club into doubt. Huaxia Guorui hoped to purchase the League One (second tier) champions from the Lifan Group but the CFA were unhappy with the credentials of the buyers, the Xinhua news agency reported on Monday. "The new buyer must be operating well for at least three years and afford management of the soccer club but Huaxia Guorui did not even do business in the past years, and Chongqing Lifan itself does not even know the details of the company," a CFA official told the state agency on Monday. "If the club still wants to play in the CSL, it should be handed back to the former owner." That prospect is unlikely, though, with the Lifan Group, a local privately owned motorcycle producer, struggling to cover the costs. "He (the chairman) decided to give up because Lifan Group's got a financial problem and it will definitely cost enormously to run a CSL club right now," said Gao Tianxiong, a soccer agent who Xinhua said was trying to find a buyer for the club. The boardroom turmoil was affecting the side, with Xinhua quoting an unnamed player saying he had not been paid and training sessions for the upcoming season had not taken place. Head coach Wang Baoshan, who led the side to promotion, had also left the club. Investment in Chinese soccer has grown significantly in recent seasons, with many trying to replicate the success of the Evergrande Real Estate Group who reinvented Guanzghou Evergrande with a host of top Italian and South American names. Their backing has resulted in four consecutive CSL titles and the 2013 AFC Champions League. Investment company Huaxia Guorui were struggling to understand why they could not begin planning an assault on Guangzhou's grip of the 16-team top flight title. "Huaxia Guorui now owns the soccer club. Why should we give it back to Lifan Group? We will appeal to the Chinese General Administration of State Sports," an official told Xinhua. (Writing by Patrick Johnston in Singapore; Editing by John O'Brien)