Sports

Wolves Finalize Deal With 1st Chinese Minority Owner In NBA

/ CBS Minnesota

MINNEAPOLIS (AP) — The Minnesota Timberwolves have finalized the addition of the first Chinese minority owner in NBA history.

The Timberwolves announced that the deal has been completed to add Lizhang Jiang and Meyer Orbach to the team's ownership group. Jiang will own 5 percent of the Timberwolves and WNBA's Lynx while Orbach has purchased a 9.5 percent stake.

Lizhang is the founder and chairman of Shanghai Double-Edged Sports Company, a sports marketing firm in Shanghai. Timberwolves owner Glen Taylor says he is hopeful the partnership will bring new business opportunities for the Wolves and the NBA in China.

Orbach is chairman of the Orbach Group, a New York City real estate company.

(© Copyright 2016 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

First published on June 29, 2016 / 8:25 PM CDT

© 2016 CBS Broadcasting Inc. All Rights Reserved.

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