(VNS )HCM City's football club Navibank Sai Gon is likely to either be dissolved or taken over by other management, following the decision of Nam Viet Joint Stock Commercial Bank's (Navibank) to stop sponsoring the club.

In a letter to the HCM City Football Federation (HFF), Nguyen Vinh Tho, chairman of the HCM City-based bank, said the bank could not extend its sponsorship because of financial difficulties it was experiencing.

According to the letter, Navibank gave VND300 billion (US$15 million) to the club in the last three years.

Tho, who has not found any investors willing to buy the club, said he hoped the city would take over the administration of the club.

The HFF said it would seek help from the city's Department of Culture, Sports and Tourism to settle the problem and decide the fate of the club.

The bank bought the football club, formerly named Military Zone 4, in 2009 and renamed it Navibank Sai Gon. — VNS