SPORTACCORD 2024 INSIGHTS: Sport’s Perfect Storm
23 May 2024 14:34
According to an Associated Press story, Chinese investor Jiang Lizhang has agreed to acquire a 5% share in Minnesota Timberwolves, an American Basketball team.
Glen Taylor, the NBA club’s owner, is also bringing in another new minority New Jersey real estate mogul Meyer Orbach, who is expected to buy in at 9.5%.
It is reported that Taylor closed the deal last week with the 35-year-old Jiang, owner of Chinese company DeSports. The Timberwolves are expected to make an official announcement this week to confirm the investments.
Alhough Liang is set to only buy a 5% share in the team, this deal will see him become the NBA's first Chinese minority owner. It is believed his presence will help raise the Timberwolves' profile in the Chinese market.
Earlier this month, Jiang completed the purchase of La Liga club Granada from the Italian Gino Pozzo. That deal is said to be worth as much as 37 million euros.
Source: The Associated Press
Proofread by Sean O Diobhilin
Interview with Thomas Lund: to follow new trends and bring younger generations to the sport
17 Jun 2024 16:00
Related coverage
2017 FIBA Asia Champions Cup to tip off in China
18 Aug 2017
Spurs VS Rockets' Christmas Game lighted up this week
29 Dec 2015
Exclusive interview: NBA China’s SVP David Yang explains how to focus on Chinese market
28 Dec 2015
Le Sports secures global broadcast rights for CSL
23 Feb 2016
Sina Sports partners with Mediapro for 3x3 basketball
24 Jan 2018
More from Yutang Sports
SPORTACCORD 2024 INSIGHTS: Sport’s Perfect Storm
23 May 2024
Interview with Yiannis Exarchos: to narrate Olympic story in new ways and promote positive values
01 Jul 2024
SPORTACCORD 2024 INSIGHTS: Paris 2024 here we come!
02 Jul 2024
SPORTACCORD 2024 INSIGHTS: Major Technology Trends Shaping Sports Sector
03 Jun 2024
Hisense Named Official Partner of FIFA Club World Cup 2025
01 Nov 2024
Yutang Sports
loading...