The two Hanoi-based football clubs of business mogul Nguyen Duc Kien, who was arrested late August under charges of economic wrongdoings, have been officially dissolved, their operating company announced Tuesday. The V-League’s Hanoi football club and First Division’s Hanoi Juniors will not play during the 2013 season due to a lack of capital, the ACB Sporting JSC said. “We are upset that we couldn’t do anything to save the clubs,” said company managing director Le Khac Chinh to Tuoi Tre. “We have no choice but to dissolve the clubs so the players can find a new destination.” Hanoi FC had recruited a number of football stars including national players Thanh Luong and Cong Vinh, whose contracts with the club have yet to end. Thanh Luong still has three more years with the club, and Cong Vinh two years, among several other players, Chinh said. “We have informed them of the news in order for them to seek a new club,” he added. With funding ending following Kien’s arrest, the dissolution is an inevitable and predictable ending for the two clubs. The ACB Sporting Co, however, still maintains the operations of three junior clubs, including the Under-17, U-19, and U-21 squads. “Hopefully we can manage to fund those clubs with the money gained from the transfers of Cong Vinh and Thanh Luong,” said Chinh. Tran Duy Ly, head of the organizing board of the V-League, said he was informed of the news by the company via telephone on Tuesday. With the absence of the two clubs in the V-League and First Division, the organizers will have to find a way to select alternative participants. “We may either automatically promote the second runner-up of the Second Division to the First Division, and that of the First Division to the V-League, or have them compete in a playoff to decide the winner,” said Ly. “But we have to seek feedback from the Vietnam Football Federation, and other clubs.”