Ten years from boom to bust, Chinese football in a tailspin

Story by Reuters

Updated 0932 GMT (1732 HKT) May 17, 2022

A woman walks in front of a building with a billboard promoting the now moved 2023 Asian Cup in Beijing on May 14, 2022.

A decade after the splash of Chinese cash first made waves in the global football market, the once racing certainty that China would become a major player in the game looks increasingly like a long-odds gamble.

The decision to relinquish the rights to next year's Asian Cup finals, which was made by China last weekend citing Covid-19 uncertainties, has left Chinese football facing an uncertain future. Staging the quadrennial continental championship in nine sparkling new arenas and one rebuilt stadium was supposed to be a stepping stone towards realizing President Xi Jinping's ambition of hosting the World Cup.That dream now appears to be further away than ever.The grinding impact of the global health crisis and China's pursuit of a zero-Covid strategy, coupled with increasing difficulties within the business sector that bankrolled many of the country's clubs, has left the game in turmoil.Read More«The gloss has come off China's sporting ecosystem,» Mark Dreyer of China Sports Insider told Reuters.«Who would trust China with a World Cup bid given everything we've seen in the last two years from the pandemic?»In football terms, we've basically seen the full boom and bust."The current climate is a long way from the day, 10 years ago on Tuesday, when Guangzhou Evergrande unveiled World Cup winner Marcello Lippi as their new head coach on an annual salary of 10 million euros ($10.44 million).Guangzhou Evergrande players throw their coach Marcello Lippi into the air after winning the 2013 Asian Champions League final.New eraThe Italian's arrival