As reported by Chinese media, Sports Money, the Chinese Basketball Association (CBA) announced it is to give up the whole of its 30% shares in the CBA League (Beijing) Co. Ltd and sell them to the 20 CBA teams for 8.58 million Yuan.
After the transfer, the shares of each team in the CBA League Company will increase from the original 3.5% to 5%. The CBA will no longer have a stake in or benefit financially from the league. It will mainly be responsible for monitoring the league, as it also plans to gradually give away the right to organize the league’s events.
The decision was announced at a board meeting of the CBA League Company.
The CBA League Company organized a launch ceremony back in November 2016, officially making its public debut. Before that, it had confirmed its board of directors and its shareholders. An advertising company, wholly owned by the Chinese Basketball Association, took 30% and the 20 teams of the league had 3.5% each.
This move is positively rated to be a revolutionary step by the new administration of the CBA led by Yao Ming. It is considered by some commentators to be a successful step in the revolution within the Chinese professional basketball league management.
Proofread by Sean O Diobhilin