Friday, 17 Mar 2017 13:56 | By Yutang Sports
CCTV sports has claimed that Yao Ming has transferred his 30% stake of Shanghai Sharks Basketball Club. In the meantime, the transfer of the remaining stake is in progress.
Recently, Yao was elected President of the Chinese Basketball Association(CBA). Before the commencement of the next CBA season, Yao pledged to give up his interest in the Shanghai basketball club.
Currently, 20% to 30% of Shanghai Sharks shares have been sold to the Chinese Culture Group Corporation. But it is still looking for a majority shareholder. It was said that Yao was in contact with Ma Yun before, but Ma has no interest in the CBA and is trying to purchase an NBA team. Despite this, many state-owned enterprises are in contact with Shanghai Sharks at present, and negotiations are ongoing re the acquisition of the club.
Since 2009, Yao has held the ownership of Shanghai Sharks. Although, Shanghai occupied top spot in regular games for a long time this season, it unfortunately lost out in the first round of the playoffs.
It is reported that several major Shanghai companies have an interest in Shanghai Sharks. The Shanghai government also hopes to become involved in the Sharks club. For now, the club is hoping for a powerful company to take over its ownership and to provide the team with adequate funds.
Proofread by Sean O Diobhilin