The Shanghai Sharks have been sold to the Shanghai Jiushi Group, with Yao Ming exiting the team after selling his entire stake. Yao Ming purchased the Shanghai Sharks in 2009 for 20 million yuan, and sold 40% of the shares to four companies, including CMC and Everbright Capital Investment, in 2016. ## What happened? The Shanghai Jiushi Group is a state-owned property developer and investment firm with assets worth over 400 billion yuan. The team will be renamed the Shanghai Jiushi Basketball Club, and the Jiushi Group will increase investment in the team. ## Why it matters? Yao Ming is the chairman of the Chinese Basketball Association and a former player for the NBA's Houston Rockets. He became the chairman of the Chinese Basketball Association in February 2017 and took up the chairmanship of the CBA League Beijing Sports in July of the same year. ## What comes next? The team's new name and investment will have an impact on the future of the Shanghai Sharks. The team's former general manager, Zhang Mingji, and Yao Ming's wife, Ye Li, have left the team's board of directors. | Name | Position | | --- | --- | | Fan Jianlin | General Manager of Investment and Development Department | | Qian Anke | Former Vice General Manager, now General Manager |