WASHINGTON, June 29 (Xinhua) -- Chinese businessman Jiang Lizhang has purchased 5 percent stake in the NBA's Minnesota Timberwolves.

Meyer Orbach, chairman of the Orbach Group in New York City, also acquired a 9.5 percent share from Glen Taylor. Control of the team will remain with Minnesota billionaire Taylor, who bought the team in 1994.

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

According to Forbes, the Timberwolves are worth 720 million US dollars, 27th in the 30-team league. The team finished 29-53 this past season, 13th in the Western Conference.

Jiang, general manager of sports marketing company Shanghai Double-Edged Sports, also completed the purchase of Spanish soccer club Granada CF earlier this month.