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NBA’s Timberwolves to add Chinese part-owner
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MINNESOTA Timberwolves owner Glen Taylor will bring in the NBA’s first part-owner from China in a deal to add two new investors to his ownership group, ESPN reported on Monday.
Citing unnamed sources, ESPN said the deal will allow Taylor to remain the club’s controlling owner. Last week, he closed a deal to bring in Jiang Lizhang, a Shanghai-based tycoon who founded the Chinese marketing company Double-Edge Sports. Jiang has worked with the NBA in China, ESPN reported. He is thought to have purchased 5 percent of the Timberwolves and another 5 percent of their sister WNBA franchise the Minnesota Lynx. Taylor has also sold a share of the team to New York-based real estate magnate Meyer Orbach.
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