Glen Taylor has sold shares of the Minnesota Timberwolves to a number of parties that will enable him to remain the controlling owner into the future.
Taylor had planned to sell 30 percent of the Wolves to Steve Kaplan with the intention of him becoming controlling owner in the future, but the deal fell apart.
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.
The Wolves are valued at $1 billion.