Fortune Land said in a filing to the Shanghai exchange on Tuesday that it was recently informed by an anti-corruption body in central China’s Hubei province about Meng’s detention.

The filing coincided with an announcement by the Hubei-based anti-corruption body on Tuesday, which said that Chen Xuyuan, the president of the Chinese Football Association, was under investigation for “suspicion of serious violations of law and discipline”. Chen’s investigation comes after several senior officials of the association, including Li, were charged in the last few months.

Fortune Land did not reply to a request for comment.

In 2015, the company bought the club in China’s northern Hebei province and recruited a batch of football players and coaches with the aim of winning the Chinese Super League, the premier competition in China.

During Li’s tenure as coach between July 2015 and August 2016, the club was under Meng’s chairmanship.

The debt-ridden developer’s liquidity problems have affected the operations of the club, which reportedly delayed paying the salaries of football players in November last year.

Meng’s detention comes as the company is looking to recover from its liquidity crisis following its debt restructuring and the resignation of two high level executives in late November and December.

The detention will not impact Fortune Land’s operations as “the company already has proper arrangements to handle the duties of Meng Jing”, the filing said, adding that the board of directors and management team will try its best to maintain all business operations of the company in an orderly manner,”.

Fortune Land is expected to post a net profit of at least 1.1 billion yuan (US$160.7 million) for 2022 due to “significant progress” in debt restructuring, according to an update released by the company on January 30.

Fortune Land’s shares closed unchanged at 2.68 yuan on Wednesday.