Wolves finalize addition of NBA's 1st Chinese minority owner MINNEAPOLIS (AP) — The NBA has spent years making in-roads in basketball-loving China, installing offices there, bringing players stateside and playing exhibitions there to increase the league's presence in a country that can't get enough of it. Lizhang Jiang has purchased a 5 percent stake in the Wolves, and Taylor said he plans to be very active in the team's business side and forging partnerships for the league and the franchise in China. Taylor also sold 9.5 percent of the Timberwolves to Manhattan real estate mogul Meyer Orbach, chairman of the Orbach Group in New York City. Last year the Orbach Group was investigated by the New York Attorney General's office for allegedly filing numerous "frivolous" lawsuits against low-income residents in rent-controlled units in an effort to get them out of the housing so they could charge higher rents. Both Lizhang and Orbach will have input into the Timberwolves' business side of the operation, but not the basketball operations, Taylor said.
Wolves Finalize Addition Of Nba's 1st Chinese Minority Owner
By JON KRAWCZYNSKI, AP Basketball Writer, San Antonio Express-News: World
Wed, 06/29/2016 - 7:27pm
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