Gwangju: The South Korean football club Gwangju FC were slapped with a hefty fine and a ban on player signings for one year Thursday for violating league rules on financial health.

According to Yonhap News Agency, the Korea Professional Football League (K League) imposed a 10 million-won (US$7,390) fine on Gwangju FC, who reported a net loss of 2.3 billion won in 2024.

The league stated that the ban on player acquisitions will be suspended until 2027 if Gwangju FC improve their financial situations in accordance with their plans submitted to the league office in February and resolve their current state of impaired capital by 2027.

The K League implemented rules on maintaining financial stability before the 2023 season to help reduce clubs' reliance on their corporate owners or local governments and to prevent them from spending excessively on player payrolls. Violators can be fined or docked points, and in extreme cases, teams can also be relegated. Gwangju FC, who had a loss of 1.41 billion won in 2023, are the first team to be disciplined for their financial mismanagement.

Also on Thursday, Gwangju FC head coach Lee Jung-hyo was fined 3 million won for criticizing a referee and mentioning the official's name in a postmatch press conference. After a 1-1 draw against Ulsan HD FC on May 28, Lee said his players had often been injured in matches officiated by Park Byung-jin. Per league rules, coaches or players can be fined or suspended for any criticism of officiating in interviews or social media.