timberwolves new chinese stakeholder on buying spree
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

NBA's Minnesota Timberwolves

Timberwolves' new Chinese stakeholder on buying spree

Arab Today, arab today

Arab Today, arab today Timberwolves' new Chinese stakeholder on buying spree

Chinese businessman Jiang Lizhang has bought a 5% holding in the Minneapolis-based Timberwolves and associated women's team the Lynx
Shanghai - Arab Today

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 euro 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 percent holding in the Minneapolis-based Timberwolves and associated women's team the Lynx from owner Glen Taylor, who retains a majority stake, Desports said 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.

The purchase comes shortly after Jiang bought Granada CF, paying the club's Italian former owner Giampaolo Pozzo a reported 37 million euros ($41 million).In a letter on Desports' website Jiang described his new role as Granada's owner as the "biggest challenge" he has ever taken on.

"You cannot change the direction of the wind, but you can take control of the sail," he said.

Days after the deal was announced Granada replaced their manager, Juan Carlos Cordero, although it was not clear whether he was dismissed by Jiang.

Cordero wished Jiang "the best of luck", in a statement on the club's website, saying he believed the new owner "will know how to guide Granada FC through this new stage of good health and prosperity to great things".

Jiang aims to retain the club's place in Spain's top flight and bring in more Chinese elements to increase its profile in the People's Republic, which President Xi Jinping aims to turn into a footballing power.

Born into a fishing family in the eastern Chinese province of Fujian, Jiang started his sports career selling advertisements for a Chinese sports newspaper. 

In 2004 he founded Desports, which brokers deals between Chinese companies and international sports organisations, such as tennis sponsorship and broadcasting deals, including for La Liga's Chinese television rights, its website shows.

Jiang sold Desports to Shanghai-listed Wuhan DDMC Culture for 821 million yuan (now $123 million) in shares last July, but still runs the company.

"In the future, we might buy more football clubs, including Chinese ones," Xinhua quoted a Desports source close to Jiang as saying.

Source :AFP

arabstoday
arabstoday

GMT 11:27 2017 Tuesday ,03 January

James leads ailing Cavs

GMT 10:39 2016 Friday ,30 December

Cavaliers hold off Celtics, Thunder fall

GMT 10:44 2016 Monday ,05 December

Westbrook in rare NBA territory

GMT 14:03 2016 Saturday ,12 November

Haseeb puts England in driver's seat

GMT 12:56 2016 Wednesday ,26 October

Indians counting on more heroics
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

timberwolves new chinese stakeholder on buying spree timberwolves new chinese stakeholder on buying spree

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

timberwolves new chinese stakeholder on buying spree timberwolves new chinese stakeholder on buying spree

 



GMT 12:11 2017 Thursday ,27 July

Tony Baroud to present new TV show

GMT 23:00 2017 Monday ,16 October

Egypt FM to head for Slovenia on Monday

GMT 20:06 2017 Friday ,20 January

Daesh in new demolitions at Syria’s Palmyra

GMT 21:06 2017 Friday ,24 November

Marriyum condemns Hayatabad terrorists attack

GMT 01:00 2017 Saturday ,25 November

Cabinet Affairs Minister Meets Indonesian Ambassador

GMT 02:34 2018 Thursday ,04 January

Merger creates state-owned gas giant

GMT 10:08 2017 Tuesday ,07 March

Geneva farce: The regime is the opposition

GMT 10:19 2017 Saturday ,18 November

AJK Prime Minister condemns across LoC shelling
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday