By Jia Xiaoguang, Sina English
Chinese hurdling star Liu Xiang, who is still recovering from injury, is “infinitely close to retirement” while the absence of an official announcement is for fear of the immense loss for defaulting on his commercial contracts, some informed source revealed yesterday.
The report was quoted as saying that all of Liu’s business contracts were signed and are under the management by the National Administration of Track and Field Sports. Some of the contracts will not terminate until the end of this year, which means that the liquidated damages entailed by Liu’s premature exit will ineluctably fall on the Administration itself.
It was reported that Liu has signed contracts with 17 famous brands with a total value amounting to one billion yuan.
The default loss, however, might even triple should Liu fail to fully perform his contracts, according to a veteran sports agent during an interview.
Liu has been holding his tongue about his future career since he bowed out of the London Olympics last year and began to receive treatment on his ruptured right Achilles tendon.
His manager confirmed yesterday that Liu has been forced to pull out of the whole 2013 season due to the slow recovery.