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 deal in the neighborhood of $40 million while also paying new Wolves general manager Scott Layden in the $2 million range per season.
The Wolves chose Thibodeau 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 - with an offer believed to be in the five-year, $35 million range - before the Rockets are out of the playoffs and formally begin their search.
Oft criticized as indecisive, Taylor moved swiftly to win the race for Thibodeau, who will have full control of basketball operations while relying on Layden to handle day-to-day duties in the front office. The former Utah Jazz and New York Knicks GM was hired away from San Antonio, where Layden served the past four seasons as an assistant to Spurs president R.C. Buford.
Sources say Taylor had actually been eyeing Thibodeau for months as the ideal coach to take over a roster laden with top young talent, featuring headliners Karl-Anthony Towns, Andrew Wiggins and Zach LaVine. After missing the playoffs for 12 straight seasons, which is the longest active playoff drought in the league, Minnesota will also have a lottery pick in this June's draft.
Thibodeau's first NBA coaching job was in Minnesota as an assistant to Bill Musselman in the Wolves' expansion season of 1989-90.
"We are extremely excited to welcome Tom Thibodeau back to the Timberwolves," Taylor said in a statement. "Through this process we quickly identified Tom as the best leader to shape our talented team and help them realize their full potential.
"Tom's resume speaks for itself. He is a proven winner, leader and one of the most well-respected NBA head coaches over the last decade. His teams have annually been among the league leaders in defense and we are excited about the approach and mentality he will bring to that side of the ball. The future of the Minnesota Timberwolves has never been brighter and we are very pleased to have Tom as our basketball operations leader moving forward.
The Star-Tribune in Minneapolis reported on its website Wednesday that current Wolves general manager Milt Newton might be granted an opportunity to stay with the organization working under Thibodeau and Layden.
Despite winning nearly 65 percent of his games over five seasons with the Bulls, Thibodeau was fired last season after clashing with management on his hard-driving style. But the Bulls' struggles without Thibodeau only increased Minnesota's determination to get him, before the slow-moving New York Knicks or Los Angeles Lakers changed their minds and made a run at the 58-year-old.
Thibodeau spent this season visiting different franchises, including spending some time in San Antonio, where Layden has worked closely with Gregg Popovich and Buford. Layden and Thibodeau have known each other for years, dating to Thibodeau's days as a Knicks assistant coach when Layden was running the front office.
Wolves agree to hire Thibodeau as head coach
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