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

New Era Begins for Timberwolves and Lynx with Matthew Caldwell as CEO

After a tumultuous ownership transition period, the Minnesota Timberwolves and Lynx have a new leader at the helm. As of September 2, 2023, Matthew Caldwell will take over as CEO, overseeing day-to-day business operations and high-level strategic initiatives for the Timberwolves, Lynx, and Iowa Wolves.

Marc Lore and Alex Rodriguez, the new owners of the Timberwolves and Lynx, completed their purchase of the teams in June at a $1.5 billion price tag. Following the conclusion of the 2024-25 season, Glen Taylor, the previous owner, will no longer be associated with the teams.

Matthew Caldwell joined the Florida Panthers in 2014 as Chief Commercial Officer (CCO) and was promoted to CEO in 2016. Under his leadership, the Panthers transformed into back-to-back Stanley Cup champions. Caldwell's departure from the Florida Panthers follows his resignation as the business operations president.

Tim Connelly, the current President of Basketball Operations for the Timberwolves, has played an important role in configuring a playoff-caliber roster for the team. Notable moves under his leadership include trading for Rudy Gobert, Mike Conley, Nickeil Alexander-Walker, and the blockbuster trade sending Karl-Anthony Towns to the New York Knicks.

The Timberwolves have reached the Western Conference finals in each of the last two seasons under Tim Connelly's guidance. Connelly expressed happiness about his work with the Timberwolves and the community at his end-of-the-season press conference in June. He has opted into a five-year, $40 million contract, keeping him with the Minnesota Timberwolves for two more seasons.

Kelly Laferriere will assume the role of senior advisor to ownership following Matthew Caldwell's appointment as CEO. Laferriere has been instrumental in guiding the teams through the ownership transition period, serving as interim-CEO.

Marc Lore and Alex Rodriguez have expressed enthusiasm about Caldwell's vision and their shared goal to make Minnesota "best in class." Caldwell, in turn, has shown excitement about Lore and Rodriguez's vision for the teams, citing the NBA as a much bigger, global platform compared to the NHL.

With Caldwell at the helm, the Timberwolves and Lynx are set to embark on a new chapter, aiming to build upon the successes achieved under Connelly's leadership and continue to grow as prominent members of the NBA and the Minnesota community.

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