Boao Highlights(II): CBA is a still freshman in the sports market

“I’m not surprised by the RMB 8 bn deal for the CSL (Chinese Super League). Its value is more than you could even know. ” the former NBA star Yao Ming said at the Boao Forum on Wednesday.

Unlike the CSL’s popularity, the annual revenue of the Chinese Basketball Association (CBA) does not even exceed RMB20 million in broadcasting rights. As Yao put it, a successful league cannot do without extensive efforts, in which fans’ experience is just as important as a strong stable.  

To raise the CBA’s value, Yao is hoping to promote basketball reforms through co-operation with other sports investors. According to an earlier report, the retired basketball player has set up a new company, the “China Professional League Basketball Club (Beijing) Ltd”, with RMB 45 million registered capital. 18 of the 20 Chinese Basketball Association (CBA) clubs have become company stakeholders.

Yao has been trying to introduce the NBA’s management model in China, but he found it “much more complicated that you could have expected”.

“The NBA is at a highly-developed stage. If they are veterans, then we might be newcomers in this market. ” stated the current owner of the Shanghai Sharks.

“We are not competing with our former selves, but with the English Premier League, Spain’s La Liga, the NBA and China’s [booming] film industry,” he said. “Our sense of urgency is about how to win a share of this market and attract our own consumers.”

Yao, once a basketball superstar, now sees himself as a businessman involved in the fields of wine, music and real estate. Though he admited that “it’s much harder to deal with something you are not familiar with. I ‘m one of the Chinese investors who are used to ups and downs.”

In addition to the reforming trend, new technology will also play a key role in speeding up the pace of development. The former star is looking toward to the future, saying innovation is a valuable resource.

"We have talked a lot about virtual reality, for example. We should be open to such new technologies, although we don't know what it will bring to us. I'm always curious about new technologies," added Yao.

Proofread by John Devlin.