Increasingly in the sports world, former – and even current – sports stars are taking ownership stakes in franchises. Could China be part of this growing trend?
Google “David Beckham” these days and right below the tabloid stories about strife with Victoria will be links to his MLS franchise in Miami. Likewise, Derek Jeter, now that he has finally settled down, is out of the gossip pages and back into the sports headlines thanks to his 4% stake in – and CEO role with – the Miami Marlins.
There are plenty of other well known examples: Michael Jordan (majority owner of Charlotte Hornets), LeBron James (stake in Liverpool FC) , Shaquille O’Neal (stake in Sacramento Kings), Venus & Serena Williams (stake in Miami Dolphins).
And China has its own too – Yao Ming – who until very recently was the sole owner of the Shanghai Sharks in the Chinese Basketball Association (CBA). In 2009, Yao bought the team – with whom he won a championship in 2002 just weeks before going #1 in the NBA Draft – and rescued them from financial peril, but had to divest his shares in the Sharks after becoming boss of the league earlier this year.
Now, news is circulating this week that another sports franchise in the country is about to be purchased by a major sporting star, and it’s likely that it won’t be the last.