China’s retired basketball icon Yao Ming has set his sights on a higher goal after earning the biggest individual honour in basketball.

The basketball veteran, who was recently inducted into the Basketball Hall of Fame, has taken up a new role in his post-NBA career. He is the initiator of a newly-registered incorporated company, which has been tasked with reforming the game's ‘counterproductive administration’ through more professional approaches.

Yao was recently appointed president of the new company. It is comprised of 18 Chinese Basketball Association club shareholders, including himself, who established the entity with registered capital of 45 million yuan ($6.9 million) in February.

Citing the example of the NBA, which is owned by team investors and managed by professional executives, Yao expects that the new company will operate and promote the CBA league in a similar way. Of course they must first reach an agreement with the game's governing body in China.

"We just started our negotiations with the basketball administrative center to take over the league's operating and marketing rights. Our professional crew is made up of club shareholders and executives," Yao said on Wednesday.

Yao also urged the CBA to establish its own hall of fame, which would honour great contributors to the game by enshrining famous retired players and renowned figures in pro basketball.

Source: Chinadaily

Proofread by John Devlin.