Hisense Named Official Partner of FIFA Club World Cup 2025
01 Nov 2024 16:40
Reports are emanating that Chinese Basketball Association (CBA) team Shanghai Sharks will to be sold to 4 companies, according to Zhang Yilin from the Shanghai Youth Daily.
The expected resale results from the recent election of former club boss Yao Ming as CBA president, which means the NBA Hall of Famer having to give up his ownership of the Shanghai-based team.
It has been reported by sources that two companies have agreed to purchase one third of Shanghai Sharks shares. The source also said, one of the two buyers is the club’s main sponsor from last season and the other is the parent company of a video website.
They are still in protracted negotiations to finalize the buyer(s) of the remaining two thirds shares.
Yao played for the Shanghai Sharks before he went onto play in the NBA in 2002 and bought the team in 2009. Chinese sports experts estimate that the basketball club is worth up to RMB 1 billion (nearly US$149m).
Source: finance.sina.com.cn
Proofread by Raymond Fitzpatrick
The United States Tops Skema Publika's First Annual Sport and Soft Power Ranking
27 Mar 2025 14:05
Related coverage
Yutang Weekly: What happened in the Chinese sports market (8/26-9/1)
01 Sep 2019
China Grand Auto to title sponsor Flying Tiger
19 Sep 2018
ZTE: from Cinderella to Caesar
23 Jun 2015
Baoneng buys Guangzhou International Sports Arena for RMB3.7bn
25 Aug 2017
Beijing Ducks partner with US Basketball Academy to develop junior talent
29 Jun 2017
More from Yutang Sports
Yutang Sports
loading...