As predicted by SportsPro last week, Yao Ming, the Houston Rockets NBA star, has bought his former club, the Shanghai Sharks.

Yao, who earned more than US$30 million in 2008, is now the sole shareholder of the club. The player, who has been plagued by niggling foot injuries in recent seasons, has been considering alternate career paths for several months, with team ownership foremost amongst them.

The Sharks have been in steep decline since Yao left for the NBA in 2002. Financial constraints have meant the team has been unable to pay its bills or its players in recent weeks. Former Sharks sponsor Xiyang Group pulled out of its five-year US$11 million deal with the team earlier this year.

The deal will need to be formally approved by the Chinese Basketball Management Centre, but is certain to be completed. Yao is believed to have paid at least US$3 million for the Sharks.