Minnesota Timberwolves sell shares to China's Jiang

Minnesota Timberwolves owner Glen Taylor has sold shares in the team to Shanghai-based businessman Lizhang Jiang that will enable the former to remain the franchise's controlling owner, sources told ESPN on Monday.

Taylor closed a deal last week with the 35-year-old Jiang, who founded the Chinese marketing company Double-Edge Sports. Lanxiong Sports of China reported that Jiang purchased five percent of both the Timberwolves and the WNBA's Minnesota Lynx, making him the NBA's first Chinese minority owner.

Taylor announced last year that he intended to sell 30 percent of the Timberwolves to Steve Kaplan, a minority owner of the Memphis Grizzlies. That proposed deal did not come to fruition, however.

Minnesota is changing its look with Tom Thibodeau hired as coach and president of basketball operations and Scott Layden as general manager.

The Timberwolves are expected to formally announce the investments this week, according to the report.