Minnesota Timberwolves team owner Glen Taylor has reportedly sold two small shares of the Minneapolis-based basketball club, in a deal that bring the very first Chinese minority owner to the NBA.

Last year, the American billionaire announced that he is planning to sell 30 percent of the 2004 Northwest Division team to Los Angeles-based investor Steve Kaplan, who is a minority owner of the Memphis Grizzlies. The deal was to include Kaplan becoming the Wolve's controlling owner in the future, but it did not materialize.

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Now the 75-year-old Taylor has closed an agreement to bring Chinese business tycoon Lizhang Jiang and New Jersey real estate bigwig Meyer Orbach into his ownership group. Jiang, a Shanghai-based investor, is reported to have purchased a 5 percent share, while Orbach is believed to have acquired a 9.5 percent share of the NBA team.

The league has long been heavily invested in growing the game in China, with former Houston Rockets superstar and Chinese basketball icon Yao Ming helping to make the NBA wildly popular in the nation of 1.4 billion people. Having Jiang as a minority owner could open the door to a huge fanbase in China.

The 35-year-old investor, who founded the marketing company Double-Edge Sports, also recently bought the Spanish soccer team Granada CF.

Dan Gilbert, the owner of the newly crowned 2016 NBA Champions Cleveland Cavaliers negotiated 15 percent of the team to a Chinese group in 2009, but that deal was never completed.

Recently Taylor hired former Chicago Bulls bench boss Tom Thibodeau as coach and president, adding Scott Layden as general manager - both moves part of the team's rebuilding plans.

The Wolves currently hold a promising young roster that includes Karl-Anthony Towns, Zach LaVine, and Andrew Wiggins. Minnesota has played 12 consecutive seasons without a playoff berth.

TagsNBA, Minnesota Timberwolves, glen taylor, Karl-Anthony Towns, Zach LaVine, Andrew Wiggins