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Yao Not Owner of Shanghai Sharks

November 5th, 2009 · 2 Comments · Basketball, Business, Sports

The Shanghai Sharks announced Yao Ming is not the owner of the team (Xinmin Evening News).

The Shanghai Sharks announced Yao Ming is not the owner of the team (Xinmin Evening News).

According to the Shanghai Daily, NBA basketball star Yao Ming is not the owner of the Shanghai Sharks, the Chinese star’s former team, and he has not been guaranteed ownership of the team.

The newspaper reported that while Yao’s management group, Team Yao, has been signed on as an “entrusted investor” for the next five years, the basketball player is officially not an owner.

Instead of transferring ownership stake of the team to Yao Ming — what was initially agreed upon — the team is instead selling those stakes on the open market. According to the Xinmin Evening News, one unnamed fitness center said it would bid.

The Shanghai Daily said the Sharks have assets estimated around 20 million USD. After the 2008 season, which saw a record 43 loses for the Sharks, the Xiyang Group refusing to continue sponsoring the team, and player’s salaries not being paid, the Sharks now find themselves at the center of the Chinese basketball world. Even more now that Yao Ming, the former center for nine seasons on the Shanghai team, is not the official owner.

— Zachary Franklin

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2 Comments so far ↓

  • 226

    Its cool that Yao wants to help out his old team. The Sharks just signed John Lucas III. He should be able to get them going. Was just on lockerblogger.com and saw that Lucas has a profile on there. He updates his page frequently with videos of how he is liking China and what practices are like. Its a pretty cool site. They have a lot professional athletes signed up blogging and talking to fans. Here is the link to Lucas’ page: http://www.lockerblogger.com/lockers/Luke%2015

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