Yao Ming was named president of the Chinese Basketball Association (CBA) on Thursday. Yao became the first person from the private sector to take the position, which normally goes to government officials, in the history of the CBA, which was formed in 1956. "I'll try my best to contribute in a new way in order to help the development of Chinese basketball." Yao said during his introductory speech according to Tencent. "We, who take Chinese basketball as our careers and dreams, shall work and stick together." Also the Xinhua News agency in China reports Yao may now have to give up his ownership with the Shanghai Sharks.