Shanghai Shenhua's Cephas Malele (first left) vies for the ball with Wuhan Three Towns' Xie Pengfei (second right) during a 2023 Chinese Super League match in Wuhan on Aug 13, 2023. (PHOTO / XINHUA)

BEIJING - The owners of Wuhan Three Towns have expressed their intent to transfer their shares in a complimentary transaction, a move confirmed by the Chinese Super League (CSL) club.

In a statement released on the Wuhan club's social media account Monday, the owners committed to settling the club's debts to ensure a debt-free status by Sept 1, at which point they will cease further investment in the team.

The statement further clarified the owners' proposal to transfer their complete stake in the club without any financial considerations, effectively offering it at no cost to potential buyers.

The Wuhan club, celebrated as the CSL champions last season, currently holds the sixth position in the league table, trailing league leaders Shanghai Port by 14 points.

READ MORE: CSL: Wuhan Three Towns beat Nantong Zhiyun

In related news, their former cross-city adversaries, the Wuhan Yangtze River club, dissolved in January following their relegation from the top flight last season.