Contrary to other reports, Timberwolves owner Glen Taylor told me that it wasn't until about 5:50 p.m. Wednesday when he finally agreed to terms with new head coach and president of basketball operations Tom Thibodeau and Scott Layden, the team's incoming general manager, on their contracts. Thibodeau is reported to have signed for $40 million and Layden for $10 million on their five-year deals.
The reported $8 million per year will make Thibodeau the third-highest-paid coach in the NBA, trailing only Gregg Popovich of San Antonio ($11 million) and Doc Rivers of the Los Angeles Clippers ($10 million), both of whom have dual duties as president of basketball operations and head coach, like Thibodeau.
"I'm excited about it just because they're very experienced guys," Taylor said. "Both of them were my top candidates."
Taylor said the Timberwolves will hold a news conference Saturday or Monday to introduce Thibodeau. Layden will remain with the San Antonio Spurs as assistant general manager throughout their playoff run, with current Wolves GM Milt Newton serving in that role until Layden joins the team.
"I don't know that [Layden] can come until after [the Spurs] get out of the playoffs, so Milt has to keep running [the team], he has to keep on working and doing the draft [preparation]," Taylor said. "When [Layden] is hired, then we'll have the two of them meet."
Taylor said while he was able to sign his ideal candidates for the two positions, he was still pleased with the job interim head coach Sam Mitchell did this past season.
"I hired the best guys I can get," Taylor said. "I agree that Sam is a really good guy, and I really like him."
Best job available
Thibodeau will have complete control of personnel decisions with the Wolves, a position he considered the most desirable of those available in the NBA. He had a chance to interview for and get several other jobs this offseason, including potential openings with the Lakers and Knicks.