Timberwolves Name New President of Basketball Operations in $40M++ Deal

It's being called a "landmark" signing—the Minnesota Timberwolves have come to a 5-year, $40M agreement with Denver Nuggets president Tim Connelly to become their new President of Basketball Operations. The deal involves an ownership stake. 

Minnesota has an agreement with Denver Nuggets President Tim Connelly to become the Timberwolves’ new President of Basketball Operations on a five-year, $40 million deal with a kicker for ownership equity, sources tell me and @JonKrawczynski.

— Shams Charania (@ShamsCharania) May 23, 2022

According to Jon Krawczynski and Shams Charania of The Athletic, the deal more than doubles his salary, and will "make him one of the most well-compensated executives in the league."

Denver made a bid to keep Connelly that would've moved him into one of the better paid league executives, sources said, but the ownership equity with Minnesota is life-changing money -- something only a very few executives have in their deals.

— Adrian Wojnarowski (@wojespn) May 23, 2022

And while the Nuggets made an attempt to keep Connelly from moving to a Western Conference rival, according to NBA Insider Adrian Wojnarowski, the chance at ownership equity with the T-Wolves "is life-changing money" which Connelly couldn't turn down. 

He first met with Timberwolves minority owners Alex Rodriguez and Marc Lore, then was flown into Minnesota on the weekend to meet majority owner Glen Taylor.  

The 45-year-old Connelly led the Nuggets' build into a contending team, by securing the likes of two-time MVP Nikola Jokic, Jamal Murray and Michael Porter Jr.  

Nuggets GM Calvin Booth is expected to move up to the role of president of basketball ops to replace Connelly.

Photo Credit: Nick Wosika-USA TODAY Sports