Chairman Zhu Jun, who holds a 28.5 per cent stake, will only pay his share of the club's daily costs if his demands for greater control are met, according to China Daily.
Zhu currently controls the Chinese Super League club, along with five state-owned enterprises, after becoming a shareholder in 2007.
The agreement was that if he invested $23.6 million (£15m) over two years, his stake would increase to more than 70 per cent.
It is reported that Zhu has ploughed more than $94m (£60m) into the club over the past five-and-a-half years, while the state-owned companies have spent nothing.
The transfer of shares stalled in 2009 and again last year, a source said
"It is annoying and has had a bad effect on many of our tasks," a club official said. "The biggest problem is that the operation and financing work of the club cannot be carried out normally.
"The equity stakes issue has become the biggest bottleneck for the development of Shenhua."
If unresolved, Zhu, who has been signing all the cheques, could decide to cough up just 28.5 per cent of the club's expenditure, potentially affecting player salaries.
Colombian Giovanni Moreno missed the match against Shandong Luneng at the weekend amid speculation Shenhua had fallen short on his transfer fee with Argentina's Racing Club.
The futures of Drogba and Anelka could also be in the balance if Shenhua fail to make their salary payments. Both reportedly earn over £190,000 a week after moving from Chelsea.
Despite investing heavily in big-name foreign players, Shenhua sit 10th in the 16-team Chinese Super League on 27 points from 23 matches. Leaders Guangzhou Evergrande are on 47 points.
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