In this Dec 1, 2019 photo, players of Tianjin Tianhai (in red) compete during the match against Jiangsu Suning in Nanjing, capital of Jiangsu province. (PHOTO / XINHUA)

TIANJIN - After months of struggling, beleaguered Chinese Super League side Tianjin Tianhai announced that it would be officially disbanded here on Tuesday.

Tianjin Tianhai finished third in their first season in the Chinese Super League

The announcement said the club's financial situation could not support its operation, and the club decided to dissolve.

In order to stay in the Chinese Super League, Tianhai had offered to transfer all of its shares for free, and some players were even willing to give up their salaries for next season, but these efforts failed to save them from dissolution.

"I put a lot of emotion and energy into this team and I feel very sorry that the club has been dissolved," said Li Weifeng, the head of coaching staff.

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This undated photo shows Tianjin Tianhai head coach Li Weifeng (left. (PHOTO PROVIDED TO CHINA DAILY)

"The team has given me so much and I will continue to play," said Zhang Cheng, who has played the most games in the club.

Italy's Fabio Cannavaro, FIFA World Player of the Year, coached Tianhai in 2016-2017 season, when the club brought in a number of famous foreign players including Alexandre Pato and Axel Witsel.

Tianjin Tianhai finished third in their first season in the Chinese Super League and reached the quarterfinals of the Asian Champions League in the next year.

But they have been in trouble for the past two years. The team was managed by the Tianjin Football Association during the period as it struggled to find a new owner last season.