Last week I mentioned Yao’s intentions of having a part-ownership role in the Shanghai Sharks, but as it turns out all the owners have agreed to sell their shares of the team, making Yao the sole owner of the Shanghai Sharks.

The deal supposedly will cost Yao ming just under 3 million dollars – which looks like a bargain if I’ve ever seen one. Shanghai is shaping up to be the most important city in Asia, and owning the city’s proffesional basketball team is surely an investment worthy of the 20 million Reminbi or so that China Daily expects the deal to cost. Running the team is suppose to cost another 20 million RMB per year according to China Business News.

Even if this ends up being a sour investment financially, Yao Ming won’t be too bothered as his main purpose is giving back to the organization that helped him become who he is today. Saving his own team from bankrupcy will increase his popularity just another notch, if that’s even possible.

Yao Ming having a direct stake in the CBA will be encouraging news for the NBA China team. Even if Yao Ming doesn’t play another minute in the NBA, his presence in Chinese Basketball will never cease and will only help the NBA’s goals in expanding interest locally. Many years down the line, Yao Ming can be a strong ambassador both in transforming the CBA into something akin the NBA, and in recruiting high-profile players to his team.