Timberwolves’ Tim Connelly Opting Into Final 2 Years of Contract

Minnesota Timberwolves president of basketball operations Tim Connelly is opting into the five-year, $40 million contract he signed in 2022. That means he is under contract for two more seasons with the Wolves, team sources told The Athletic’s Jon Krawczynski on Friday.

Tim Connelly Pushed Back Opt-Out Clause Amid Ownership Battle

Connelly’s deal originally had an opt-out clause for the summer of 2024, “something Connelly negotiated before signing because of the uncertainty surrounding the Timberwolves’ ownership situation,” Krawczynski wrote.

However, Connelly pushed the option back one more season to see what would happen with the Wolves’ ownership situation. As it turned out, the 2024-25 season became the last campaign where Glen Taylor would own the Timberwolves.

Following a court case relating to who should own the NBA franchise regarding a dispute Taylor made with the two parties in question, both Marc Lore and former MLB star player Alex Rodriguez were ruled to own the Wolves following the conclusion of the 2024-25 campaign.

“Super happy here,” Connelly said at his end-of-the-season press conference in June. “It’s been great, not just working with the team, but this whole community really feels like home. I think you guys are stuck with me.”

Timberwolves Have Been Transformed Into A Playoff Contender

Connelly, 49, has played an important role in configuring a playoff-caliber Wolves roster that has reached the Western Conference finals in each of the last two seasons.

Hiring Connelly was one of the first major changes Rodriguez and Lore made when they first joined Minnesota as co-owners with Taylor. They originally owned 20% of the club in July 2021.

In June, Lore and Rodriguez finally completed their purchase of the Timberwolves and the WNBA’s Minnesota Lynx at the $1.5 billion price tag they agreed to with Taylor.

Since taking over, Connelly has made several noteworthy moves.

He traded for Rudy Gobert in 2022 and made one of the best trades in franchise history in 2023, when he sent D’Angelo Russell to the Los Angeles Lakers and, in return, received Mike Conley, Nickeil Alexander-Walker, and three second-round picks from the Utah Jazz and Lakers.

Connelly also pulled the trigger on a blockbuster trade that sent longtime Wolves big man Karl-Anthony Towns to the New York Knicks in exchange for Julius Randle and Donte DiVincenzo.

Matthew Caldwell Named Timberwolves, Lynx CEO

Connelly opted into his deal just days after Matthew Caldwell stepped down as the business operations president of the two-time defending Stanley Cup champion Florida Panthers and accepted a 10-year deal as CEO of the Timberwolves and Lynx.

According to the news release, Caldwell will begin overseeing “day-to-day business operations and high-level strategic initiatives for the Timberwolves, Lynx, and [the G League’s] Iowa Wolves” on Sept. 2.

He will assume responsibilities from interim-CEO Kelly Laferriere, who has led the organization during its ownership transition period. Laferriere will assume the role of senior advisor to ownership

“I love the NHL. I’ve enjoyed hockey and I’m a big fan of it,” Caldwell said. “But the NBA is just a much bigger, global platform. I really believe in Marc and Alex and their vision and what they’re trying to do. They’re trying to make Minnesota best in class.”

Caldwell played a major role in transforming the Panthers into back-to-back Stanley Cup champions. He joined the NHL team in 2014 as CCO before being promoted to CEO in 2016.