Brazil striker Alexandre Pato, who also played for AC Milan, was on Tianjin Tianhai's books
Chinese Super League side Tianjin Tianhai, once home to Brazilian star Alexandre Pato and formerly coached by Fabio Cannavaro, has effectively folded after teetering on the brink for months.
At least a dozen clubs in China's top three tiers of professional football have gone under in the last six months, but Tianjin is the first from the CSL.
The team from Tianjin, which was reportedly saddled with heavy debts, is set to be replaced in the top division by Roberto Donadoni's Shenzhen FC.
Tianjin on Monday submitted an application to withdraw from the CSL for the forthcoming season.