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.
Proofread by Raymond Fitzpatrick