Culture & Sports
23:04, 28-Apr-2017
CBA League teams to receive 30% of stock
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By CGTN’s Yan Yangchen
The Chinese Basketball Association (CBA) has announced it intends to hand out 30 percent of shares in the newly formed CBA League to the 20 teams, which will effectively give them complete control.
Since April 1, administrative duties for professional basketball in China have been taken away from government after the creation of a new system in November.
CBA President Yao Ming /CFP Photo
CBA President Yao Ming /CFP Photo
Each team had a 3.5 percent share in the recently created CBA League, with the Association making up the remaining 30.
This most recent move will see an increase from 3.5 percent to 5 per side, with the CBA acting in a supervisory and consulting role, with power and responsibility totally placed in the hands of the 20 teams.