Rockets center Yao Ming has purchased the Shanghai Sharks, his former Chinese club.

The Sharks are struggling financially, and the purchase was reported on Thursday by the Chinese media.

"I grew up in the city and became a professional player in this team, so I hope I can do something to help," Yao told Shanghai TV.

Yao's investment company signed a framework agreement with the team's co-owners, who agreed to sell the center all their shares in the club.

The Sharks were in danger of failing to start the new season in November because of their dire finances.