Shenzhen FC will be renamed Shenzhen Kingway after the part Heineken-owned beer producers from Guangdong province pumped RMB40m into the debt-ridden club.

At a press conference on Sunday, Shenzhen FC general manager Meng Qingseng announced that Kingway Beer has signed a contract worth RMB40m to become the club's new title sponsor. "With Kingway's investment Shenzhen will solve its financial problems," said Meng, who did not confirm whether Kingway will take over the running of the club.

By selling off key players to CSL opposition, Shenzhen owners Huizhong Tianheng Group have recouped some of the huge losses racked up by previous owners Jianlibao Group. But before Kingway's involvement the club was still some RMB20m in debt despite the close-season moves of ex-international striker Yang Chen to newly promoted Xiamen Lanshi, China captain Li Weifeng to Shanghai Shenhua, and national team goalkeeper Li Leilei to Shandong Luneng.

Kingway Beer was jointly-established by Guangdong Holding Ltd. and Heineken. Their injection of fresh cash will effectively see Shenzhen survive extinction, a fate that Sichuan Guangcheng recently failed to escape.

Heineken, which owns stakes in a number of Chinese breweries, has been actively involved in the sponsorship of Chinese sport in recent years, with investment in events such as the ATP Heineken Shanghai Open.

(Sinosoc.com February 20, 2006)