Chinese businessman takes stake in NBA — after buying Spanish football club

SHANGHAI — 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 (S$55 million) 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 per cent holding in the Minneapolis-based Timberwolves and associated women’s team, the Lynx, from owner Glen Taylor, who retains a majority stake, Desports said yesterday on a verified Chinese social-media account. It did not give an amount for the purchase.

The deal makes Jiang the first Chinese citizen to have a 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.

The purchase comes shortly after Jiang bought Granada CF for a reported €37 million. 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 Jiang ordered the dismissal.

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

Jiang began 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 sponsorships 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 in shares last July, but still runs the company. AFP

Chinese owners of football clubs:

* In May, businessman Tony Xia bought over relegated Premier League side Aston Villa.

* Last October, Dalian Wanda Group chairman Wang Jianlin paid €45 million for a 20 per cent stake in Spanish side Atletico Madrid.

* Last October, China Media Capital paid US$400 million for a 13 per cent stake in Manchester City.

* Recent reports in England suggest that Chinese state investment group SinoFortone had contacted Liverpool over potential investment