The fall of the storied Liaoning Hongyun has been particularly sad to see.

The 67-year-old club won the Jia-A league, which was the predecessor to the Chinese Super League, six times from 1987 to 1993.

Despite being surpassed by new giants of the game such as Guangzhou Evergrande and Shanghai SIPG, Liaoning still holds a special place in fans' hearts.

The club briefly revived its glory days in 2011 when it managed a third-place finish in the CSL.

However, relegation to the second-tier China League One in 2017 signaled the start of a downward spiral for the club that has ultimately resulted in an end, at least temporarily, to its days in the pro ranks.

"All our efforts have to end, and we announce that we are quitting the Chinese professional leagues," read a Liaoning statement on Sunday.

"Despite having to leave, the spirit of our club will endure. We believe there will be newcomers to inherit our tradition and restore the glory."

The demise of Tianjin Tianhai earlier this month was another depressing episode for the domestic game.

Tianhai had once appeared to be on the cusp of becoming a permanent fixture among the CSL's elite when in 2017 it qualified for the AFC Champions League, with Italy's World Cup-winning captain Fabio Cannavaro as head coach and world-class players such as Axel Witsel and Alexandre Pato on its payroll.

However, both Tianhai and Liaoning's weak financial foundations have been exposed during soccer's shutdown and both their houses have come tumbling down as a result.

Investors often run scared when poor results on the pitch or unforeseen crises such as the coronavirus outbreak suddenly stall the good times. Without sufficient funds, daily operations become an issue, let alone importing big-name players or investing in youth training.