FireDavidKahn
06-27-2016, 05:21 PM
Sources: Lizhang Jeng to be NBA's first Chinese minority owner
3:03 PM CT
Brian Windhorst
ESPN Senior Writer
Minnesota Timberwolves owner Glen Taylor has sold shares in the team including to the NBA's first-ever Chinese minority owner in a deal that will enable Taylor to remain the franchise's controlling owner into the future, sources told ESPN.com.
Taylor announced last year that he planned to sell 30 percent of the team to Steve Kaplan, a current minority owner of the Memphis Grizzlies, with the intention of Kaplan becoming the controlling owner in the future. That deal fell apart earlier this year.
Last week Taylor closed a deal to bring in Lizhang Jeng, a Shanghai-based businessman. Jeng, who founded Chinese marketing company Double-Edge Sports, previously worked with the NBA in China. Earlier this month Jeng, 35, completed the purchase of Spanish soccer club Granada CF. Lanxiong Sports of China reported Jeng purchased five percent of the Wolves and Minnesota Lynx.
In addition, Taylor has sold a share of the team to Meyer Orbach, a New York-based real estate magnate.
At least twice in the last five years Taylor has put the Wolves on the market only to later back off and decide to keep the team. This investment, which league sources indicate put a valuation on the team at around $1 billion, adds stability to Taylor's position.
After their planned deal with Taylor fell apart, Kaplan and partner Jason Levien bought 60 percent of English Premier League soccer club Swansea City in April and closed on the deal earlier this month.
The Wolves are expected to announce the deal later this week.
Wolves popularity in China is about to explode
3:03 PM CT
Brian Windhorst
ESPN Senior Writer
Minnesota Timberwolves owner Glen Taylor has sold shares in the team including to the NBA's first-ever Chinese minority owner in a deal that will enable Taylor to remain the franchise's controlling owner into the future, sources told ESPN.com.
Taylor announced last year that he planned to sell 30 percent of the team to Steve Kaplan, a current minority owner of the Memphis Grizzlies, with the intention of Kaplan becoming the controlling owner in the future. That deal fell apart earlier this year.
Last week Taylor closed a deal to bring in Lizhang Jeng, a Shanghai-based businessman. Jeng, who founded Chinese marketing company Double-Edge Sports, previously worked with the NBA in China. Earlier this month Jeng, 35, completed the purchase of Spanish soccer club Granada CF. Lanxiong Sports of China reported Jeng purchased five percent of the Wolves and Minnesota Lynx.
In addition, Taylor has sold a share of the team to Meyer Orbach, a New York-based real estate magnate.
At least twice in the last five years Taylor has put the Wolves on the market only to later back off and decide to keep the team. This investment, which league sources indicate put a valuation on the team at around $1 billion, adds stability to Taylor's position.
After their planned deal with Taylor fell apart, Kaplan and partner Jason Levien bought 60 percent of English Premier League soccer club Swansea City in April and closed on the deal earlier this month.
The Wolves are expected to announce the deal later this week.
Wolves popularity in China is about to explode