I’m led to believe they defaulted on the final payment, after the Chinese stopped foreign investment in sport, therefore breaking the contract.
I’m serious when I say why don’t you contact KT and ask him?
It’s more a question around legal mechanisms and failures generally. I am mystified, I have just spent the best part of 3 months umpiring a contractual tennis match between lawyers and following the pedantic nature of that experience I genuinely cant envisage this happening. I say umpiring, I was more a confused onlooker really. The force majeure clauses covering legislation were bog standard though. Basically any unforeseen changes to legislation affecting either parties ability to fulfill their contractual obligations allowed either side to revert to their original position. This has come into particular focus due to the impacts of Covid, but it is fairly routine apparently. As I said having been subjected to this nonsense on a fairly regular basis it genuinely doesn’t make any sense to me. That being said the lawyers all did very nicely out of it, so all’s well that ends well. I should also add the amounts in question we’re a fraction of those in the deal the club were involved in.
