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.
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.