Yao then went on to play for the National Basketball Association's Houston Rockets.

Word about a possible sale of the Sharks has been swirling among industry insiders for months as the team slid into financial distress after its sponsor ended its contract with the team in March, two years ahead of schedule.

The Sharks went into drastic decline after Yao left to play in the US, ending its most recent season in second to last place among 18 teams, with a record of six wins and 43 losses.

The sponsor, Xiyang Group, a privately owned company based in northeastern China's Liaoning Province, ended its investment because it felt the team was "hopeless."

The company's exit pushed the Sharks into survival mode. The club will be dropped from the league if it fails to properly compensate its players.

The Sharks are struggling to pay player salaries after Xiyang quit, according to Sina. The team has to resolve the crisis before August to remain in compliance with league rules.

Meanwhile Yao's basketball future is in limbo. The All-Star suffered a hairline fracture of a bone in his left foot in a May 8 playoff game. He then underwent medical treatment in the US and came to Shanghai for traditional Chinese medicine, flying back to the US last month.

The Rockets said last week that the injury had not healed and may even end the 29-year-old's basketball career.

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