Sporty spending spree: China takes first steps into NBA as league confirms Minnesota Timberwolves now part-owned by stakeholder who recently bought a soccer team

A Chinese businessman has bought a minority stake in the NBA’s Minnesota Timberwolves, his company and the league said, after taking over Spanish La Liga football team Granada in a €37 million (HK$318.8 million) deal earlier this month.

Jiang Lizhang, 34, runs a little-known Shanghai-based marketing firm called Double-Edged Sports (Desports), but has secured spots in two of the world’s highest-profile sporting leagues in as many weeks.

He bought a five per cent holding in the Minneapolis-based Timberwolves and associated women’s team the Lynx from owner Glen Taylor, who retains a majority stake, Desports said on Thursday on a verified Chinese social media account. It did not give an amount for the purchase.

The deal makes him the first Chinese citizen to have an ownership stake in an NBA team, the league said in a statement.

“My goal is to bring China and this great league closer, and build the Timberwolves and Lynx fan base in our country,” it quoted Jiang as saying.

New York-based real estate magnate Meyer Orbach also took a stake in the teams at the same time.