A person with knowledge of the situation tells The Associated Press that Minnesota Timberwolves owner Glen Taylor is bringing in two new minority partners, including the NBA’s first Chinese owner.
Shanghai investor Lizhang Jiang and New Jersey real estate mogul Meyer Orbach are joining the Timberwolves’ ownership group. The person spoke on condition of anonymity Monday because the deal has not been finalized.
The person said Orbach has agreed to acquire 9.5 percent of the team while Lizhang will be brought in at 5 percent. The 35-year-old Lizhang works in sports marketing in China.
Orbach heads the Orbach Group, a prominent real estate development company based in Englewood Cliffs, New Jersey. The company owns apartment buildings in New Jersey and New York.