Tuesday September 26, 2023
The Best Employers in Sports Survey is Now Open!

Evergrande to Collect $818M Refund after Canceled Stadium Deal

  • China Evergrande Group had already begun construction on the now-canceled $1.8 billion project.
  • The property developer expects to lose roughly $186 million for the total book value of the property.
Evergrande Guangzhou FC
Front Office Sports Today

How Jamie Erdahl Made Good Morning Football Her Own

Jamie Erdahl joins to discuss her career and the growth of “Good Morning Football.”
Listen Now
September 25, 2023 | Podcast
Copy Link
Link Copied
Link Copied

Real estate developer China Evergrande Group is set to receive $817.8 million after canceling a contract to build a new stadium for China’s most successful soccer club. 

Evergrande initially struck a deal in 2010 to purchase Guangzhou FC — formally known as Guangzhou Evergrande Taobao FC — for $15.5 million. 

Ten years later, Evergrande signed a contract to acquire land-use rights for a new stadium in the city of Guangzhou for $1 billion, which included plans to have a seating capacity of 100,000

  • Evergrande had already begun construction on the now-canceled $1.8 billion project.
  • It expects to lose roughly $186 million for the total book value of the property.
  • A government body had taken over control over the stadium in 2021.
  • Rights will go back to the city’s Municipal Planning and Natural Resources Bureau.

The cancellation of the deal comes amid financial woes for Evergrande, which is over $300 billion in debt — more than any other company in the world, according to Markets Insider. 

Approximately $20 billion of the developer’s debt is from investors outside China. 

Also Struggling 

Guangzhou FC has also had financial struggles of its own.

Last year, the club listed all its players on the transfer market in an attempt to raise fresh capital. Evergrande had also considered selling a controlling stake in Guangzhou FC.

The club reportedly has lost between $155 million to $310 million per year as of September 2021.

Copy Link
Link Copied
Link Copied

What to Read


NHL’s Chris Foster on Amplifying Content Distribution With Automation

Learn how the NHL is using WSC Sports to increase fan engagement.

How Daktronics Helps Elite Athletic Programs Secure Top Talent

How colleges are utilizing Daktronics' displays to elevate recruiting.

WBD Pursues ‘Different’ Strategy For Sports on Max

Company to place all of its live sports on new streaming tier

Colorado's Epic Victory Sets New ESPN Prime Time Viewership Record

Coach Prime Deion Sanders delivered in prime time on ESPN.
podcast thumbnail mobile
Front Office Sports Today

How Jamie Erdahl Made Good Morning Football Her Own


Featured Today


Oakland-MLB Relationship Devolves Into Next-Level Toxicity

Commissioner, mayor have very different accounts of July meeting
Jacksonville Jaguars Team President Mark Lamping addressed community members at Strings Sports Brewery on Main Street for the first of 14 planned town hall sessions to present the team's plans for the new "stadium of the future" complex and address the public concerns.
September 25, 2023

Jacksonville Jaguars President Walks Back Stadium ‘Threat’

"Viewing those comments as a threat to leave Jacksonville isn't correct."
Chatri Sityodtong
September 25, 2023

ONE Championship's Quest To Challenge Rival UFC Through U.S. Expansion

Leveraging its Amazon deal, ONE Championship seeks to expand in U.S.
September 24, 2023

Savannah Bananas Break All The Rules To Hit The Mainstream

Team concludes 2023 tour with even-bigger plans for next year


Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Chicago Cubs
New York
Tri Star Sports and Entertainment Group, Inc.
USA - Multiple Locations
It would be the most expensive school stadium ever built in Texas if approved.

A $94M High School Football Stadium Coming In Texas?

It would be the most expensive school stadium ever built in Texas.
The toy brand is opening NERF-themed action parks with battle blaster zones, obstacle courses, sports challenges, and retail.
September 22, 2023

Old-School Fun with a Modern Twist, NERF Delivers Playgrounds

Hasbro is launching NERF-themed entertainment venues in Tennessee and New Jersey.
September 21, 2023

FIFA, Kroenke Clash Over SoFi Stadium's World Cup Revenue Sharing

SoFi Stadium's hosting of World Cup matches may be in jeopardy.
Sports Illustrated's first college town resort will open near the University of Alabama in 2025 with a hotel, condominiums, fitness center, and other amenities.
September 21, 2023

Sports Illustrated Expands Its Footprint with College Town Resorts

SI's first sports-themed resort will open in Tuscaloosa, Alabama.
September 20, 2023

RFK Stadium Bill Advances in Congress

Congress' vote is the first step towards returning the NFL to D.C.
USL Championship side Oakland Roots home soccer field
September 20, 2023

As Sports Teams Exit Bay Area, Pro Soccer Gains Notable Win

The USL club Oakland Roots could be close to building a new stadium.
T-Squared Social joins PopStroke as golf entertainment venues backed by Tiger Woods.
September 20, 2023

Tiger Woods, Justin Timberlake Tee Off Sports Bar in NYC

T-Squared's Manhattan location includes a bowling alley and Full Swing simulators.
September 18, 2023

Congress Set to Debate Bill Crucial to D.C.’s Effort to Land Commanders

Congress will debate a bill enabling the redevelopment of the RFK Stadium site.