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Breaking: Daejeon Citizen Complete Takeover

It was today revealed that the sale of Daejeon Citizen Football Club has been completed with Hana Financial Group set to take over the running of the club and want to appoint Hwang Sunhong as new first team manager.

According to Sports Chosun, Hana Financial Group, which will be known nest for owning KEB Hana Bank, the main sponsors of K League and the FA Cup, are to take over the reigns at Daejeon World Cup Stadium.

Furthermore, despite the Purple Arena hierarchy appointing Lee Heungsil as the club's new manager at the end of June, Hana officials have earmarked former Busan IPark, Pohang Steelers, and FC Seoul manager Hwang Sunhong as new manager.

However, the Seoul-based financial group owned KEB Hana Bank will own Daejeon Citizen football club outright, taking over from Daejeon City Government. Dajeon would then become a corporate team, funded by a private company rather than the tax payers of the city like the Purples have been since 2006.

The notion of a sale of Daejeon Citizen Football Club came as somewhat of a shock when Mayor Heo revealed that the City were questioning why 80 Million Won of tax payers money was being pumped into the club ever year.


Mayor Heo, in a press conference at the beginning of October, said: "Recently there has been some behind the scenes contact with a large domestic corporation regarding investment. The corporation which is interested in Daejeon Citizen has not been made public but negotiations are ongoing."

"The scale and way in which the corporation in question will invest, and how this will be implemented is still under negotiation but we have seem to have come to some consensus. This round of negotiations this time are aimed specifically about the desire of local football fans, to turn Daejeon Citizen into one of the best football clubs in the country, which was in line with the corporation's vision."

Initially, the Shinsegye Group were the first name to be mentioned based on an interest in a takeover in 2010 before the department store and retail giants dismissed such claims. However, then it then mooted that it was to be KEB Hana Bank instead with one Daejeon City government source saying:

"In order for Daejeon Citizen to grow there have been negotiations with a large domestic corporation and the outcome is that Daejeon Citizen's new investment is to be from KEB Hana Bank. It is expected that within the month Daejeon City Government and KEB Hana Bank will come to an agreement."

Daejeon reached the playoffs in 2018, losing to Busan IPark in the Promotion/Relegation Final but suffered a dismal campaign in 2019 which lead to the dismissal of manager Ko Jongsoo. The Purples will finish in ninth place in K League 2 with only Seoul E-Land enduring a worse campaign.

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