Yao buys cash-strapped Shanghai team

Houston Rockets centre Yao Ming has purchased his financially troubled former club the Shanghai Sharks, Chinese media reported yesterday. The seven-time NBA All Star's investment company signed a framework agreement with the club's three co-owners who...

Houston Rockets centre Yao Ming has purchased his financially troubled former club the Shanghai Sharks, Chinese media reported yesterday.

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.

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