• Timberwolves to add part-owner

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    LOS ANGELES: Minnesota Timberwolves owner Glen Taylor will bring in the NBA’s first part-owner from China in a deal to add two new investors to his ownership group, ESPN reported on Monday (Tuesday in Manila).

    Citing unnamed sources, ESPN said the deal will allow Taylor to remain the club’s controlling owner.

    Last week, he closed a deal to bring in Jiang Lizhang, a Shanghai-based businessman who founded the Chinese marketing company Double-Edge Sports.

    Jiang has worked with the NBA in China, ESPN reported.

    He is thought to have purchased five percent of the Timberwolves and another five percent of their sister WNBA franchise the Minnesota Lynx.

    Taylor has also sold a share of the team to New York-based real estate magnate Meyer Orbach.

    Taylor said last year that he planned to sell 30 percent of the team to Steve Kaplan, a minority owner with the Memphis Grizzlies, however, that deal fell through.

    AFP

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