Glen Taylor has spent the better part of the last five years selling and then not selling the Minnesota Timberwolves. With the team value never higher, estimated at approximately $1 billion, Taylor is looking to stay in power for the long haul.
Newly drafted Kris Dunn joins a squad with unanimous Rookie of the Year Karl-Anthony Towns and 2015 Rookie of the Year, Andrew Wiggins. Along with that centerpiece trio, Zach LaVine, Shabazz Muhammad and Gorgui Dieng are all viewed as pieces for their future. The value of this team can not be overstated one bit.
Taylor, being the smart business man he is, has elected to sell a portion of the franchise to keep him in power for a longer stretch of time.
Following from Brian Windhorst of ESPN.
Minnesota Timberwolves owner Glen Taylor has sold shares in the team — including to the NBA’s first Chinese minority owner — in a deal that will enable Taylor to remain the franchise’s controlling owner into the future, sources told ESPN.com.
Last week Taylor closed a deal to bring in Lizhang Jiang, a Shanghai-based businessman. Jiang, who founded Chinese marketing company Double-Edge Sports, previously worked with the NBA in China. Earlier this month, Jiang, 35, completed the purchase of Spanish soccer club Granada CF. Lanxiong Sports of China reported that Jiang purchased 5 percent of the Wolves and 5 percent of the Minnesota Lynx.
In addition, Taylor has sold a share of the team to Meyer Orbach, a New York-based real estate magnate.
