(Yicai Global) March 13 -- Property developer Vantone Holdings has agreed to take control of Tianjin Tianhai, a troubled Chinese Super League club worth CNY700 million (USD100 million) that has been offering itself to any interested party for free.

The club announced the deal on its official Weibo account today. It will enable Tianjin Tianhai, which has been caught up in Quanjian Group's Ponzi selling scandal, to keep its status in the country's top professional football league.

Quanjian, a Chinese herbal medical company, took over the club in 2015. According to rough estimates, Quanjian invested at least CNY3 billion (USD429 million) over three and a half years, attracting a number of star players, including former Brazil striker Alexandre Pato. The club qualified for the Asian Champions League for the first time in 2018.

But in the December of that year Quanjian was accused of false marketing and running an illegal pyramid scheme and its Chief Executive Shu Yuhui was arrested.

After the scandal came to light in January 2019, Tianjin city's sports authority took control and changed the club's name. During the past season, the club, which lost key players, still managed to stay in the CSL. On March 5 the club said it had become difficult to maintain normal operations for the entire season so it was offering all of its equity free of charge to any interested party until March 14.

The Chinese Football Association said in February that it was considering disqualifying the club from the CSL in 2020 in accordance with relevant regulations because Tianjin Tianhai was unable to provide financial and debt figures and documentary proof of its bank assets.

Shares of Beijing-based Vantone's listed unit, Vantone Real Estate [SHA:600246], climbed 5.2 percent to close at CNY5.68 (80 US cents) each. The benchmark Shanghai Composite Index fell 1.2 percent.

Vantone's net profit last year was expected to increase between 68 percent and 100 percent to between CNY550 million (USD78.7 million) and CNY650 million, according to its latest earnings forecast.

Editors: Dou Shicong, Peter Thomas