Yao buys Shanghai Sharks

Updated: July 16, 2009, 10:03 AM ET

BEIJING -- 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 ...

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