Natural mineral water brand Alps sign three-year partnership with BWF
21 Aug 2019 20:30
Former Hall of Fames Yao Ming has sold 40 percent of his shares in the Chinese Basketball Association (CBA) team Shanghai Sharks to 4 companies including CMC Holdings and Everbright Capital, according to a report by Shanghai Observer.
According to the report, it is still unclear whether Yao can sell the remaining 60% he owns before the kick-off of the 2017/18 CBA season since the current CBA president has to reach a consensus with the other 4 shareholders.
Yao played for the Shanghai Sharks before he went on to play in the NBA in 2002 and bought the team in 2009 for about RMB 20 million. Chinese sports experts estimate that the basketball club is worth up to RMB 1 billion (nearly US $149m) as of now.
The resale is a result of the recent election of Yao Ming as CBA president, which means that the NBA Hall of Famer has to give up his ownership of the Shanghai-based team.
Source: btime
Proofread by William Logsdon
Related coverage
Weekly Report: CBA matches occupying the TOP3 ratings list
08 Dec 2015
CUBA exclusive media rights go to Youku
10 Mar 2017
With new focus on sports, Alibaba says Pac-12 men’s hoops game in China has ‘special meaning’
15 Sep 2015
NBA China announces long-term partnership with Chivas
05 Sep 2017
Puma sign up CBA player Zhao Jiwei
07 Aug 2019
More from Yutang Sports
Birmingham is embracing a bright future supported by extraordinary sporting legacy
17 Apr 2024
Squash will be significantly boosted by LA28 inclusion
17 Apr 2024
Reasons why Leading Gold Partner Sport Event Denmark returns to SportAccord every year
08 Feb 2024
France’s Golden Decade of Sport
14 Jun 2023
SportAccord 2024 - combating online abuse ‘chance for sport to show its power’
22 Mar 2024
Yutang Sports
loading...