The Shanghai Sharks have been sold to the Shanghai Jiushi Group, with Yao Ming exiting the team and selling his entire stake. Yao Ming purchased the team in 2009 for 20 million yuan and sold 40% of the shares to four companies, including CMC and Everbright Capital Investment, in 2016. He bought back those shares at the start of this year. According to reports, the Shanghai Jiushi Group will increase investment in the team and rename it the Shanghai Jiushi Basketball Club. The team's former general manager, Zhang Mingji, and Yao Ming's wife, Ye Li, have left the team's board of directors. Former vice general manager Qian Anke will become the team's new general manager. Yao Ming, a former player for the NBA's Houston Rockets, became the chairman of the Chinese Basketball Association in February 2017. The Shanghai Sharks were founded in 1996 and have won the Chinese Basketball Association championship. Yao Ming stated that his exit from the team was to avoid being a player and a referee at the same time. The Shanghai Jiushi Group has assets of over 400 billion yuan. The team's new name will be the Shanghai Jiushi Basketball Club. The team will continue to develop under new investment. The sale of the Shanghai Sharks marks the end of Yao Ming's era with the team. His departure will have some impact on the team, but it will continue to move forward under new investment and management. The Shanghai Jiushi Group will provide more resources and support for the team. The team's future will be brighter.