Minnesota Timberwolves hire executive Tim Connelly to 5-year deal worth over $40M that includes ownership equity

Denver Nuggets president of basketball operations Tim Connelly has agreed to a five-year deal worth over $40 million that includes ownership equity to oversee the Minnesota Timberwolves‘ basketball operations, sources told ESPN.

The Wolves announced the hiring on Monday but did not release terms of the agreement.

The deal makes Connelly one of the NBA’s highest-compensated executives and transforms a Timberwolves franchise that has struggled to find stability in its leadership structure.

Connelly has discussed the job extensively with Timberwolves minority owners Marc Lore and Alex Rodriguez in the past week and met with majority owner Glen Taylor on Saturday in Minnesota, and his representative, Andy Miller of Klutch Sports, finalized terms on the massive deal Monday, sources said.

“My family and I couldn’t be more excited to join the Timberwolves organization,” Connelly said in a statement. “I appreciate Glen, Becky, Marc and Alex’s confidence in me to lead this organization and I can’t wait to get to work to build an elite franchise that our fans can continue to be proud of.”

Nuggets governor Josh Kroenke made a bid to keep Connelly, sources said, but an offer that would have made Connelly one of the higher-paid league executives was still dwarfed by the Timberwolves’ massive offer, sources said. Only a handful of top league executives have ownership equity as a part of their deals.

Connelly has long professed his affinity and devotion to the Western Conference contender and organization that he has built with the Nuggets, but he becomes the second consecutive top basketball executive to leave Denver for a significantly more lucrative offer elsewhere. Connelly in 2013 replaced Masai Ujiri, who left Denver for the Toronto Raptors.

Denver is expected to continue with general manager Calvin Booth leading the organization, sources said.

Connelly has built a reputation as one of the league’s best talent evaluators and deal-makers, maintaining strong relationships…