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The Minnesota Timberwolves announced Wednesday night that Tom Thibodeau is their new coach and president of basketball operations.
Sources told ESPN.com that the sides spent much of Wednesday finalizing a deal that, with Wolves owner Glen Taylor committing an estimated $10 million annually to completely reshape his organization, sets up Thibodeau with a five-year contract worth about $40 million while also paying new Wolves general manager Scott Layden in the range of $2 million per season.
“I started my NBA career with the Minnesota Timberwolves and it is an incredible opportunity to rejoin the organization at a time when they have what I believe to be the best young roster in the NBA,” Thibodeau said in a statement. “Together with a great owner in Glen Taylor and a terrific basketball partner in Scott Layden, I look forward to building a winning culture that Minnesota sports fans can be proud of.”
The Wolves chose Thibodeau, 58, over fellow finalist and ESPN analyst Jeff Van Gundy, who remains a co-favorite alongside former Oklahoma City Thunder coach Scotty Brooks for the Houston Rockets’ coaching vacancy. ESPN.com reported Wednesday afternoon that the Wizards were pressing to try to seal a deal with Brooks before the Rockets are out of the playoffs and formally begin their search. The Wizards’ offer to Brooks is believed to be in the five-year, $35 million range.