According to an Associated Press story, Chinese investor Jiang Lizhang has agreed to acquire a 5% share in Minnesota Timberwolves, an American Basketball team.
Glen Taylor, the NBA club’s owner, is also bringing in another new minority New Jersey real estate mogul Meyer Orbach, who is expected to buy in at 9.5%.
It is reported that Taylor closed the deal last week with the 35-year-old Jiang, owner of Chinese company DeSports. The Timberwolves are expected to make an official announcement this week to confirm the investments.
Alhough Liang is set to only buy a 5% share in the team, this deal will see him become the NBA's first Chinese minority owner. It is believed his presence will help raise the Timberwolves' profile in the Chinese market.
Earlier this month, Jiang completed the purchase of La Liga club Granada from the Italian Gino Pozzo. That deal is said to be worth as much as 37 million euros.
Source: The Associated Press
Proofread by Sean O Diobhilin