Four companies to take over Yao Ming's Shanghai Sharks

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