(Yicai Global) Jan. 18 -- Eleven years after Guangzhou Pharmaceutical Holdings sold its stake in soccer club Guangzhou Evergrande to debt-ridden developer China Evergrande Group, the state-owned drugmaker is likely to take back control of the eight-times Chinese Super League winners, according to an insider.

The pharmaceutical giant is willing to take over the club again, but is still in talks with local sports authorities, an insider told Yicai Global. The most likely scenario is that local state-owned firms led by the Guangzhou-based drugmaker will co-manage the club, the person added.

The club played in the second division Chinese Football Association China League One when Guangzhou Pharma was controlling shareholder from 2006 to 2009. Evergrande bought control of the then-named Guangzhou F.C. for CNY100 million (USD15.7 million) in 2010.

Evergrande spent big, bringing in players and helping the club move up to the first division, the CFA Chinese Super League. Since then, it has won eight titles and two Asian Football Federation Champions Leagues in a row.

Guangzhou Pharma is likely to co-own the club with GAC Group, another Guangzhou-based state-backed firm, Securities Daily reported yesterday. Evergrande currently has a 60 percent stake and Alibaba Group Holding owns the rest. It is still not clear whether the Hangzhou-based e-commerce giant would sell its interest.

Guangzhou Pharma started recruiting globally for professional soccer club managers on Jan. 16. Last month, Chairman Li Chuyuan publicly voiced his willingness to support development of the game in the southern Chinese city.

Guangzhou Evergrande got into difficulties in the second half of last year as a result of Evergrande’s cash crunch. The club allegedly failed to pay several months of salaries and three naturalized Chinese players returned to Brazil, their native country, mid-season. But it still achieved third place in the league that ended this month and qualified for next season’s AFC Champions League.

Guangzhou Pharma, which is controlled by the city’s state-owned assets supervisor, made the Fortune 500 list for the first time last year. It was placed 468th.

Editors: Dou Shicong, Futura Costaglione