About a decade ago, Xi Jinping, China’s president, had a dream: to turn the country into a global soccer powerhouse. That ambition was quickly backed by action and money. Chinese conglomerates poured money into the country’s domestic league, even attracting soccer stars based in Europe. Some firms splurged on buying up stakes in European clubs in order to raise the standards of Chinese soccer.
But China’s ambitions never took off—and could be on the verge of unravelling entirely.
