Yao Ming resigns from Shanghai basketball club

Former NBA star Yao Ming has resigned from his position after around eight years at the Shanghai Sharks basketball club, Xinhua News Agency reported.

File photo of Yao Ming. [Photo: IC]

Yao, 37, played five seasons for the Shanghai Sharks before he entered the NBA in 2002, He bought the team in 2009 for around 20 million yuan (about 3 million US dollars).

Since then, the Chinese basketball legend has been the controlling shareholder of the Shanghai Sharks, which finished third in the Chinese Basketball Association (CBA) regular season this year.

In February, Yao was elected CBA president. He said he would sell all of his shares in the club before the new season begins. 

Shanghai media reported in September that Yao had sold 40 percent of his shares in the club to four companies, including CMC Holdings and Everbright Capital. All shareholders would make a collective decision on how to deal with Yao's remaining stake, media reported.

The new CBA season will kick off later this month.