The sport of basketball is extremely popular in this country -- with an estimated more than 300-million people participating in the sport. The NBA, is easily one of the most followed leagues in China.

There have been several Chinese players who have suited up in the Association, but there has never been a Chinese owner, until now. As Chinese business man Jiang Lizhang has purchased a five-percent stake in the Minnesota Timberwolves.

A press conference was held in Shanghai to anounce the deal, that was consumated a month ago. Jiang is no stranger to owning a professional team, as he is also a part owner of the WNBA side in that city -- the Minnesota Lynx. No word on how much Jiang paid for his share, but the Timberwolves franchise are worth an estimated one-billion U-S dollars.

The NBA's first Chinese owner hopes to use his ties in the world's most populous nation to help his new club become a global brand along lines of the Los Angeles Lakers and New York Knicks. The T-wolves are considered a young up-and-coming side, with three potential all-stars in Karl-Anthony Towns, Andrew Wiggins and Zach Lavine. The new owner is happy with his new purchase.