Thanh Hoa FC: From the Brink of Bankruptcy to a New Season – Can They Write a Fairy Tale?

Transfer season is a rhythm test: who keeps the beat, who loses it, who changes it for a shirt. On the morning of September 1, at Thanh Hoa Stadium, I stood among the crowd of fans, watching brand-new yellow shirts with the words "Thanh Hoa FC" – a completely different look from last season, when the club was still drowning in debt and on the verge of dissolution. The send-off ceremony was filled with excitement, but I knew that behind the smiles of the players lay a long and challenging journey. The context of Thanh Hoa FC is not easy. In the 2026-2026 season, the club stood on the brink of bankruptcy when sponsor Dong A withdrew due to financial difficulties. Players endured unpaid wages and played in deprived conditions. Yet, through willpower and fighting spirit, they successfully survived relegation with 25 points after 26 rounds, finishing 11th in the standings. Remarkably, the team used fewer than 18 players throughout the season – a rare figure in the V-League. This demonstrates the extraordinary cohesion and effort of the collective under coach Mai Xuan Hop. Now, the club has a new owner. Thanh Hoa Football Development Joint Stock Company took over from Dong A Thanh Hoa Football One Member Limited Liability Company. Businessman Le Xuan Tuong and the new company mobilized many sponsorship sources from partners, helping the club escape debt. However, the biggest question is whether this revival is sustainable, given that Vietnamese football history has seen many provincial clubs depend on local businessmen, and when they withdraw, the club falls into crisis again. On the professional side, the club registered 30 players for the new season, including 26 domestic players, 4 foreign players, and 1 Vietnamese-origin player. Among the foreign players, there are two midfielders, Abdurakhmanov and Lovric, and two strikers, Matheus Monteiro Martins and Guindo. Additionally, there is a Laotian midfielder of Vietnamese origin, Thongkhamsavath, who counts as a domestic player. This addition shows the club's focus on strengthening the midfield and attack to improve goal-scoring ability – something they lacked last season. However, a notable issue is that coach Mai Xuan Hop is registered as "Technical Director" instead of "Head Coach". This may be because he does not hold the AFC Pro Diploma – a mandatory certificate for V-League head coaches. Registering under a different title could be a way to legitimize his position, but it also carries regulatory risks. If the Vietnam Football Federation (VFF) detects non-compliance, the club could be fined or forced to change the head coach, affecting team stability. Another weakness is the delay in preparation. Coach Mai Xuan Hop admitted that the team only had 3 weeks of preparation before the new season, while other teams typically have 6 to 8 weeks. This directly affects fitness and tactical cohesion. The opening match against Da Nang on September 6 will be the first test of whether the team is ready. From a tactical perspective, with limited resources and a survival goal, the team is likely to play defensive counter-attacking football, a pragmatic style that helped them survive last season. Retaining key players such as captain goalkeeper Nguyen Thanh Diep, striker Le Van Thang, and defender Luc Xuan Hung is crucial, as they fought hard in difficult circumstances. The cohesion of this group is the team's most valuable asset. Many believe that the team's delayed preparation is a major disadvantage. But I see it differently. In football, sometimes delay is an opportunity to focus on the essentials. When there is little time to build complex tactics, the team can simplify its play, focusing on solid defense and quick counter-attacks – something they did very well last season. Moreover, the lack of preparation time can push players to work harder, creating greater cohesion and fighting spirit. Similarly, coach Mai Xuan Hop's registration as "Technical Director" can be seen as a problem, but it could also be a smart strategy. By not officially holding the head coach title, he can avoid media pressure and public scrutiny. He still holds real power in running the team, but without direct accountability to the press. This could help him focus on professional work without distraction. However, I still worry about the sustainability of the new financial model. A joint-stock company with multiple shareholders can spread risk, but it can also lead to conflicts of interest. Vietnamese football history has seen many clubs collapse due to internal disputes. Will the new sponsors be patient when the team does not achieve good results? The answer lies in their long-term commitment. During the send-off, I spoke with a loyal fan, Nguyen Van Hung, 45, who has followed the team since the early days. He said: "I just want the team to survive, not necessarily win the title. But I want to see the players give their all, like they did last year." That remark reminded me of a lesson I learned: football transcends victory; it is about connecting people. The familiar stands never sing the same song; be patient enough to hear the new rhythm. This season, Thanh Hoa will have a new rhythm, with new players, a new management, and new hope. But can they maintain that rhythm throughout the season? That is a question only time can answer. The opening match against Da Nang on September 6 will be a crucial test. Da Nang is a strong team, and facing them in the first round is a significant challenge. If Thanh Hoa earns points, it will be a positive signal, showing the team is ready. If they lose, pressure will mount, and criticism may appear. However, I believe that regardless of the result, the team will not collapse. They have overcome much harder times, and they possess a rare resilience. With the support of the fans, they will stand up and continue fighting. Finally, I want to say that the revival of Thanh Hoa is a testament to the power of community. When people come together, nothing is impossible. That is the message I want to send to readers: believe in your team, support them, because football is joy, connection, and hope. A phrase from the press box in 2026 taught me to see people before seeing the match. And I see in Thanh Hoa a collective that knows how to overcome adversity. Can they write a new fairy tale? Let us wait and see.