Yao Buys Former Chinese Team
Old 07-16-2009, 01:46 PM   #1 (permalink)
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Yao Ming Buys Cash - Strapped Shanghai Team

BEIJING (Reuters) - Houston Rockets center Yao Ming has purchased his financially troubled former club the Shanghai Sharks, Chinese media reported on Thursday.

The seven-time NBA All Star's investment company signed a framework agreement with the club's three co-owners who agreed to sell Yao all their shares in the club, Xinhua news agency said.

"I grew up in the city and became a professional player in this team, so I hope I can do something to help," Yao was quoted as saying on Shanghai TV.

The Sharks shared in the worst deficit in 14 years of the Chinese Basketball Association (CBA) last year and were in danger of failing to start the new season in November because of their dire finances.

The 28-year-old Yao topped the Forbes list of the wealthiest Chinese entertainers with an estimated income of 388 million yuan ($56.81 million) in 2008.

Running the Sharks will cost about 20 million yuan a year, according to the China Business News newspaper.

"In consideration of Yao's affection for the team, his accomplishments in basketball and the experience and vision he has gained from the seven years in the NBA, we believe he is the most appropriate person to the take over the team," said Shanghai Sports Bureau chief Yu Chen.

Yao started playing for the Sharks as a teenager, leading them to their only CBA title before he left for North America in 2002.

(Reporting by Liu Zhen and Nick Mulvenney; Editing by Alastair Himmer)

Source: http://www.nytimes.com/reuters/2009/...ref=basketball

For reference:
20 million Chinese yuan = 2.92778 million U.S. dollars

Good move by Yao. I'm sure he can bolster the club's popularity by advertising for them, appearing at games, and endorsing them in interviews and such. He truly has become a global superstar, and I really hope he can recover from his injury. It would be a terrible loss not only for the game, but for the millions of fans that he attracts and the millions of dollars that Stern makes from him. He seems to not only be a great player, but a smart businessman (at least smart enough to take advice from his advisers).
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Old 07-16-2009, 01:47 PM   #2 (permalink)
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yeah this is great for Yao!

i really hope his NBA career isn't over...
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Old 07-16-2009, 04:33 PM   #3 (permalink)
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WOW so 3 mil only. That is pretty cheap and he did a good thing by helping out his former team. Nice move
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Old 07-16-2009, 04:48 PM   #4 (permalink)
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Great move yao.
Helping who helped you
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Old 07-16-2009, 04:51 PM   #5 (permalink)
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yes I also hope the chinese icon can recover from his "injury"
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Old 07-16-2009, 04:56 PM   #6 (permalink)
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Quote:
Originally Posted by iRaptor View Post
yes I also hope the chinese icon can recover from his "injury"
Why the quotation marks? Do you realize how much of a pounding that guy's lower body takes, let alone his feet? The guy's a warrior, the pain he plays through night in and night out is incredible. If Yao's got an injury it's legit as injuries can get - don't doubt it.
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Old 07-16-2009, 10:31 PM   #7 (permalink)
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Quote:
Originally Posted by iRaptor View Post
yes I also hope the chinese icon can recover from his "injury"
I don't understand the quotation marks either...

He should only play half the season + playoffs if he wants a shot at a title. It's quite sad to see such a class act go down like this all the time.
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Old 07-16-2009, 10:34 PM   #8 (permalink)
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sounds like yao got burned and is destined to lose millions here, ouch
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Old 07-16-2009, 10:44 PM   #9 (permalink)
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good to see, hope he won't lose money year in year like some small professional teams
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Old 07-16-2009, 11:04 PM   #10 (permalink)
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Quote:
Originally Posted by iRaptor View Post
yes I also hope the chinese icon can recover from his "injury"
what a clownish statement. someone already mentioned why it is so, so i'm not going to comment further. but that kind of ignorance is not cool.
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