Jiangsu FC was one of the big names in Chinese soccer and the reigning champion.

But now the country's top league has been thrown into turmoil by news that the club will immediately cease operations.

The announcement came from owner Sunni group over the weekend.

The retailer says it wants to focus on its core business, leaving other assets at risk.

Jiangsu says it hopes new backers could come in, failing that there will be a big hole to fill domestically.

And in the Asian Champions League, Jiangsu celebrated its first title win in November.

The squad included star Brazilian winger Alex Teixeira, signed for over $60 million but there were signs of brewing trouble.

Teixeira refused to sign a new contract and the club's coach was reported to be departing.

Such news sparked speculation about the club's financial viability.

Now the fallout from signings move could also be felt far beyond China.

The firm also owns top level Italian club into Milan.