The V-League's Sai Gon Xuan Thanh have been renamed Sai Gon Xuan Thanh Cement after appointing new chairman Nguyen Xuan Thuy.

The players and coach Lu Dinh Tuan will stay on at the club.

Former chairman Nguyen Duc Thuy, who is Thuy's older brother, stepped down on Wednesday.

The Xuan Thanh Group has pledged to sponsor the team VND25 billion (US$1.2 million) per year.-VNS