WASHINGTON£¬ June 29 (Xinhua) -- Chinese businessman Jiang Lizhang has purchased 5 percent stake in the NBA's Minnesota Timberwolves.


Meyer Orbach£¬ chairman of the Orbach Group in New York City£¬ also acquired a 9.5 percent share from Glen Taylor. Control of the team will remain with Minnesota billionaire Taylor£¬ who bought the team in 1994.


"I am extremely excited to welcome both John (Jiang) and Meyer to the Timberwolves and Lynx family£¬" Taylor said in a statement released by the team. "These gentlemen are not only elite businessmen£¬ but also are extremely high quality people who our franchises are proud to be associated with moving forward."


According to Forbes£¬ the Timberwolves are worth 720 million US dollars£¬ 27th in the 30-team league. The team finished 29-53 this past season£¬ 13th in the Western Conference.


Jiang£¬ general manager of sports marketing company Shanghai Double-Edged Sports£¬ also completed the purchase of Spanish soccer club Granada CF earlier this month.

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