Chinese champions Evergrande appoint new president to upgrade revenue

Chinese champions Guangzhou Evergrande Taobao have named Li Yimeng as new president in place of outgoing Liu Yongzhuo, seeking to strengthen club's management and raise revenue, the club announced on Wednesday.

The decision was delivered inside the club on Wednesday through an official statement signed by the club's owner Xu Jiayin, one of China's top property tycoons.

In appointing new president, Evergrande aims to "reinforcing the club's management, strengthening the administration of players trade -- for both domestic and foreign players, improving the club's marketing ability, increasing the club's revenue comprehensively and striving to make profit in 2016," according to the statement.

It's not known yet where Liu will be placed after his exit. It's speculated that Guangzhou Evergrande's lackluster performance in the Asian Champions League resulted in Liu's removal, who was appointed to the role in February after former president Ke Peng and two other executives of China's most successful club had resigned.

As defending champions, Guangzhou Evergrande are on the verge of elimination from the Asian Champions League. The two-time Asian champions have been without a victory after four matches, losing two games and drawing two in Group H.

Guangzhou Evergrande now find it is difficult to win a consecutive sixth Chinese Super League title either as many other teams have landed world-class recruits ahead of the new season.

The 42-million-euro's signing of Jackson Martinez has not repayed much yet. Guangzhou Evergrande face tough challenge in the domestic league in title defense from Jiangsu Suning, which had the record signing of Alex Teixeira from Shakhtar Donetsk in February. Evergrande now sit in second place, one point behind the pace-setters Suning after four rounds.

The current situation is far from Guangzhou Evergrande's season target of defending titles both domestically and internationally.

Real estate developer Evergrande holds a 56.71 percent stake in the club and e-commerce giant Alibaba has 37.81 percent, with the rest in the hands of other investors following a share sale through a Chinese over-the-counter market in January.

Guangzhou Evergrande are valued at 3.35 billion dollars, atop the world football clubs after it finished the first transaction in China's National Equities Exchange and Quotations (NEEQ) on March 8, surpassing Real Madrid's 3.26 billion dollars and Manchester United's 2.35 billion dollars. Endit