VivaTech takes the stage as the world's leading event for tech and startups
19 Jun 2023 18:33
October 20: The Chinese Basketball Association (CBA) club Shanghai Sharks has announced in a statement that Yao Ming has resigned as the club’s president following Su Qun, the famous basketball commentator, disclosing the fact that Yao had sold the majority of his shares in the club.
Having recently been named as the new President of the CBA, Yao has gradually disconnected himself from the Shanghai Sharks and announcing that he would find a new investor for the team.
Last month, Yao sold 40 percent of his shares in the Shanghai Sharks to 4 companies including CMC Holdings and Everbright Capital, according to a report by the Shanghai Observer.
Now, according to Su, a new investor has been confirmed as Shanghai Jiushi (Group) Company, a state-owned group headquartered in Shanghai. The two sides have signed a letter of intent for this deal, while the total value of Yao’s assets is currently under appraisal.
In 2009, Yao bought the Shanghai Sharks at a cost of RMB 200 million. After a series of reform measures undertaken in the club, the Shanghai Sharks were revitalized and soared to third place in the 2016/17 CBA season, which reportedly increased the total value of the team 25 times than when Yao first bought the club.
Source: Sohu
Proofread by Raymond Fitzpatrick
Related coverage
China Life, Yao Ming celebrates 10th anniversary
08 Aug 2017
03 Aug 2017
McGrady plans basketball training camps in China
13 Jul 2015
Yao Ming sells 40% of his Shanghai Sharks shares
21 Sep 2017
Sports topics at the “Two Sessions”: What have delegates at the NPC and members of CPPCC said?
08 Mar 2018
More from Yutang Sports
Ingmar De Vos elected as the next ASOIF President
10 Apr 2024
SportAccord Bronze Partners Make Their Mark on Global Stage
08 Mar 2024
SportAccord 2024 makes a memorable return to Birmingham
13 Apr 2024
Leading legal minds tackle athlete representation and rules for transgender athletes at LawAccord
16 Feb 2024
SportAccord Welcomes Return of Principal Media Partner Yutang Sports
01 Feb 2024
Yutang Sports
loading...