CBA Club Shanxi Zhongyu Transfered To Beijing Enterprises For $24.3M
The Chinese Basketball Association said Shanxi Zhongyu confirmed on Saturday that it had reached transferrence agreement with Beijing Enterprises Group Company Ltd., according to XINHUA. The club, which will settle in Beijing in the new season, "has applied for transferrence to Chinese basketball's governing body and Shanxi Sports Administration." The price for transferrence is about 150M yuan ($24.3M). The Shanxi team had seeked cooperation or transferrence with local enterprises "as it found difficulty in sustaining itself." The club called the selling move "the last choice" as it met much trouble and "saw no light ahead" (XINHUA, 4/28).