CBA's Shanxi Zhongyu sold to Beijing firm

TAIYUAN - Chinese Basketball Association (CBA) league said Shanxi Zhongyu on Saturday confirmed that it had reached transferrence agreement with Beijing Enterprises Group Company Limited.

The club, which will settle in the Chinese capital in the new season, has applied for transferrence to Chinese basketball's governing body and Shanxi Sports Administration. Sources said that price for transferrence is about 150 million yuan ($24.3 million).

According to the sources, the Shanxi team had seeked for cooperation or transferrence with local enterprises as it found difficulty in sustaining itself.

Earlier this year, Beijing Enterprises Group Company Limited applied for transferrence to the club, while the Shanxi team's focus was on local enterprises. In the following three months, the club have communicated with many local enterprises with interest in basketball and great economic power, saying that it is willing to sell the team at the price 30 percent lower than that of the Beijing company. Disappointingly, no local enterprises wanted to become new owner.

As the CBA clubs' deadline for handing in stakeholder change documents approaches, the Shanxi team ultimately accepted the Beijing company's offer.

The Shanxi team has been deeply rooted in fans, who reluctantly accpetted the fact that they will have no home games in CBA's new season.

The club called the selling move as "the last choice" as it met much trouble and "saw no light ahead". They hoped that fans will show understanding towards the decision.