Yao Ming has exited the Shanghai Sharks, selling his entire stake to the Shanghai Jiushi Group.
The Shanghai Sharks were founded in 1996 and have won the Chinese Basketball Association title once.
What happened?
Yao Ming purchased the team in 2009 for CNY20 million and sold 40% of the shares to four companies, including CMC and Everbright Capital Investment, in early 2016.
| Year | Event | Amount |
|---|---|---|
| 2009 | Yao Ming purchases team | CNY20 million |
| 2016 | Yao Ming sells 40% stake | - |
Why it matters?
The Shanghai Jiushi Group will increase investment in the team, which will be renamed the Shanghai Jiushi Basketball Club.
Fan Jianlin will become the team's new legal representative, and Yao Ming's wife, Ye Li, and former General Manager Zhang Mingji will leave the board.
What's next?
The team will continue to participate in the Chinese Basketball Association under new investment and management.
The new name and investment will bring new development opportunities for the team.
Yao Ming will continue to serve as the chairman of the Chinese Basketball Association, focusing on the development of Chinese basketball.