(Yicai Global) Dec. 11 -- Shankai Sports International Ltd. has bagged CNY300 million (USD45.3 million) in financing from Yao Capital, which National Basketball Association Hall of Famer Yao Ming co-founded.

Sports industry experts from China and Europe founded Shankai Sports in 2009 to offer strategies and services for the development of global athletics organizations in China. The Beijing-based company has sponsorship, media, hospitality, event management and sports licensing businesses, per its official website.

Shankai Sports said on Dec. 7 that it will partner with the PGA Tour to manage operations of the PGA Tour China's new series for a 20-year period starting next year. The group also announced that it has become the official ticket sales partner for the 2018 FIFA World Cup Russia.