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Glenn Taylor Looking to Sell Part of Timberwolves

Tyus Jones, MN Timberwolves

MINNEAPOLIS—(Mankato Gazette Newspaper) The Minnesota Timberwolves NBA basketball team might be partly owned by a Chinese investor, according to the Star Tribune newspaper in the Twin Cities. That's because Glenn Taylor, a wealthy printing industry tycoon, is selling part of the team.

It will be a historical moment in NBA history, as there has been no other Chinese team owners in the league. The Chinese economy and its many new investor class citizens are showing their financial might as well as a healthy interest in foreign investment in the West. And it's not just in agriculture, technology, energy or manufacturing either. They are looking at a myriad of industries, including entertainment. One of their star athletes, Yao Meng, was brought to an American basketball team after all, so there is some interest in the sport. China has an Olympic team that competes. The Minnesota Lynx women's basketball team was also involved in the deal.

Lizhang Jiang is the 35-year-old Chinese investor who will buy five percent of the Twolves. Meyer Orbach is a real estate tycoon from New Jersey who will receive 9.5 percent of the team.

An official announcement may come today, reports indicate. Taylor will still hold the cards, retaining decision-making and financial power in the team. This is not the first time Taylor has negotiated to divest some of the team's shares. He approached negotiations with another investor last year for 30 percent of the team, but would allow for eventual majority control. That deal, with prospective investor Steve Kaplan, did not make it to completion, but this new deal may be more likely with the tone of the reports and announcements yesterday.

Glenn Taylor also owns the Star Tribune.
Photo: Tyus Jones playing for Minnesota Timberwolves in 2016 by GSankary from Twin Cities Minnesota, USA via WikiMedia Commons Images.

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