Denver Nuggets executive Tim Connelly has agreed to a $40 million dollar deal with the Minnesota Timberwolves that also includes an ownership stake.
The report first came via ESPN’s Adrian Wojnarowski.
According to the report, Connelly will be paid $40 million over five seasons in addition to the ownership equity. Details of the stake were not reported.
ESPN Sources: Denver Nuggets President Tim Connelly has agreed to a deal with the Minnesota Timberwolves that’ll make him one of the NBA’s highest compensated executives. Significant coup for Minnesota franchise.
— Adrian Wojnarowski (@wojespn) May 23, 2022
Monday’s news arrives after reports that Connelly met with outgoing Timberwolves owner Glen Taylor over the weekend after previously meeting with the incoming ownership group of Marc Lore and Alex Rodriguez.
Lore will take over controlling ownership of the franchise in 2023.
He targeted Connelly and led the recruiting charge for the nine-year Nuggets executive, according to Wojnarowski.
Per the report, the Nuggets made a late bid to retain Connelly, but Minnesota’s offer of ownership equity sealed the deal for the Timberwolves.
Connelly, 45, joins the Timberwolves with a reputation as having an eye for talent.
He joined the Nuggets as executive vice president in 2013, taking over for Masai Ujiri when he left Denver to take over basketball operations for the Toronto Raptors.
The Nuggets promoted Connelly to president in 2017.
Connelly oversaw the drafting of two-time league MVP Nikola Jokic with the 41st pick of the 2014 NBA draft.
He also oversaw the selections of Jamal Murray at No. 7 in 2016 and Michael Porter Jr. at No. 14 in 2018 after the top NBA prospect slid in the draft because of health concerns with his back.
Connelly joins an emerging Timberwolves team fresh from its first playoff appearance since 2018 and its second in 18 seasons led by Karl-Anthony Towns, Anthony Edwards, and D’Angelo Russell.
He’ll be tasked with overseeing an effort to add more talent and advance past the first round of the playoffs for just the second time in franchise history.
Minnesota has the No. 19 pick in the upcoming NBA draft.
To replace Tim Connelly, the Nuggets will promote Calvin Booth to president of basketball operations.
Booth oversees a team with championship aspirations that looks to overcome injuries to Jamal Murray and Michael Porter Jr. while capitalizing on Jokic’s MVP performances.