NBA's Tim Connelly Exercising Option for Final Two Years on Timberwolves' Contract

Timberwolves' basketball chief Tim Connelly exercises option on the five-year, $40 million deal he sealed in 2022.

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2025 September 11 . 2:50 PM

2 min read

NBA's Tim Connelly Chooses to Extend Contract for Next Two Seasons with the Timberwolves

NBA's Tim Connelly Exercising Option for Final Two Years on Timberwolves' Contract

New Ownership and Leadership Changes in the Minnesota Timberwolves

After a significant court case, the ownership of the Minnesota Timberwolves and the Minnesota Lynx changed hands from Glen Taylor to Marc Lore and Alex Rodriguez in June 2022, at a price tag of $1.5 billion. The new co-owners, who originally owned 20% of the Timberwolves in July 2021, have made their first major move by appointing Tim Connelly as the team's president of basketball operations.

Tim Connelly, who expressed his happiness and commitment to the Timberwolves and the community during his end-of-the-season press conference in June, has been instrumental in building a playoff-caliber roster for the Timberwolves. Under his leadership, the team has reached the Western Conference finals in the last two seasons.

In a notable change in the Timberwolves' leadership structure, Caldwell has stepped down as the business operations president of the Florida Panthers and accepted a 10-year deal as CEO of the Timberwolves and Lynx. Caldwell, who joined the Florida Panthers in 2014 as Chief Commercial Officer and was promoted to CEO in 2016, played a major role in transforming the Florida Panthers into back-to-back Stanley Cup champions.

Caldwell views the NBA as a "much bigger, global platform" compared to the NHL and has expressed his belief in the vision and plans of new Timberwolves co-owners Marc Lore and Alex Rodriguez. He will begin overseeing day-to-day business operations and high-level strategic initiatives for the Timberwolves, Lynx, and Iowa Wolves on Sept. 2.

Tim Connelly's original contract included an opt-out clause for the summer of 2024, but he pushed it back to 2025. In a further show of commitment, he has opted into a five-year, $40 million contract, keeping him with the Minnesota Timberwolves for two more seasons.

Kelly Laferriere, who has led the organization during its ownership transition period, will assume the role of senior advisor to ownership. This change in leadership marks an exciting new era for the Minnesota Timberwolves as they continue to strive for success on the court and off.