The Shanghai Sharks have been sold to the Shanghai Jiushi Group, with Yao Ming exiting the team. Yao Ming purchased the Shanghai Sharks in 2009 for 20 million yuan, sold 40% of the shares to four companies including CMC and Everbright Capital Investment in 2016, and bought back the shares in early 2023.
What happened?
The Shanghai Sharks are a professional basketball team founded in 1996, and have won the Chinese Basketball Association championship. Yao Ming is the chairman of the Chinese Basketball Association and a former player for the NBA's Houston Rockets.
Why it matters?
The Shanghai Jiushi Group will invest in the team, and the team will be renamed the Shanghai Jiushi Basketball Club. The team's new legal representative will be Fan Jianlin, the general manager of Jiushi's investment and development department.
What comes next?
The team will continue to participate in the Chinese Basketball Association games. Yao Ming's wife, Ye Li, and the team's former general manager, Zhang Mingji, have left the team's board of directors.
| Team | Year | Achievement |
|---|---|---|
| Shanghai Sharks | 1996 | Chinese Basketball Association championship |
How will the Shanghai Sharks perform in the new season? How will the team develop under new investment and management? These questions will be answered in the future.