(Yicai Global) Sept. 20 -- China's basketball legend, Yao Ming, who owns the Shanghai Sharks in the Chinese Basketball Association (CBA) league, has approached a number of investors since he was elected president of the CBA last February. Yao has so far sold a 40 percent stake in his basketball team, but the sale of his remaining stake has not been trouble free, with equity pricing and identity of new investors being the two major reasons, Shanghai's local official newspaper Jiefang Daily reported.

CMC Holdings Ltd., Everbright Capital Investment Co. and other two firms have bought a combined 40 percent stake in the Shanghai Sharks, Yicai Global learned from reliable sources. CMC Holdings, which is owned by famed Chinese culture industry investor, Li Ruigang, purchased a 20 percent stake.

However, some supplementary terms were added during the stake sale, stipulating that the selling price of the remaining 60 percent stake may be determined only when the four new shareholders agree. In addition, Shanghai authorities hope that new major shareholders of the basketball team will be state companies with stable operating and financial conditions. All these factors have slowed the pace of selling process.

Yao bought the basketball club for about CNY20 million (USD3 million). Transaction prices of CBA teams are currently well above that figure.

Prior to the Shanghai Sharks, the most recent sale of a stake in a CBA team was in 2013 when Shanxi Xinghuacun Fen Wine Group Co. bought the Shanxi basketball team for CNY170 million. The selling price of the Shanghai Sharks may well exceed that, given that China's sports industry has grown rapidly in the past four years and the team is located in Shanghai.

Though the new CBA season is approaching, other clubs are not very concerned about the fact that CBA president has yet to sell his entire stake in the Shanghai Sharks. Other club owners are likely to hope that the team can command a good price out of their own interests.

They wouldn't want to force Yao to sell his club at low prices just because the new season is approaching. "To them, selling the Shanghai Sharks at good prices is more important than anything else. Its ultimate transaction price will directly determine other clubs' value and how other club investors will operate their teams and how much they will invest in them," said Su Qun, a well-known basketball reporter in China.

Yao decided to sell the Shanghai Sharks after being elected the president of the CBA to protect the fairness of the league.