WASHINGTON — Minnesota Timberwolves owner Glen Taylor has sold a 5 percent stake in the team to Lizhang “John” Jiang, a 35-year-old Shanghai entrepreneur who is the first Chinese citizen to own a stake in an NBA team.
The value of Jiang’s stake was not disclosed. The deal also includes a 5 percent stake in the WNBA’s Minnesota Lynx.
“My goal is to bring China and this great league closer, and build the team as the favorite team of NBA in China,” Jiang said in a statement.
Forbes’ 2016 list of NBA teams ranks the Timberwolves No. 27 on its list, with an estimated team value of $720 million.
Jiang, who runs a sports marketing business, also recently acquired a majority stake in Spanish soccer club Granada CF, making him the youngest team owner in the LIGA BBVA league.
ESPN reported that a deal by Taylor to sell a stake in the team to Steve Kaplan, a minority owner of the Memphis Grizzlies, had fallen through earlier this year.
