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The Timberwolves and Lynx officially announced two new minority team owners Wednesday morning.

Lizhang (John) Jiang, founder and chairman of Shanghai Double-Edged Sports Company in China and Meyer Orbach, chairman of the Orbach Group in New York City.

Jiang, who becomes the first Chinese citizen to have an ownership stake in the NBA, has acquired a 5 percent stake in the team. Orbach has acquired a 9.5 percent share from Glen Taylor, who will retain his majority stake in the team.

"I am extremely excited to welcome both John and Meyer to the Timberwolves and Lynx family,'' Taylor said in a statement released by the teams. "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.''

One of the unique benefits of having Jiang as a minority owner is the potential for growing the teams' brands in China, something Taylor also addressed.

"John has shared his passion to grow the popularity of the Timberwolves and Lynx in China, which speaks to the global interest in not only our brand, but the game of basketball as a whole,'' he said.

Taylor said Orbach attended the draft lottery and the NBA draft in his new capacity. ''It is infectious to see his enthusiasm and passion for our team in the short time since he has become a part of our family,'' Taylor said.

Said Jiang: "As a passionate sports fan, I'm excited to become a part of the Timberwolves and Lynx organization and honored to be the first Chinese citizen to have ownership in the NBA. My goal is to bring China and this great league closer, and build the Timberwolves and Lynx fan base in our country.''