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.