Report: Timberwolves spend big to hire Nuggets president Tim Connelly

The Minnesota Timberwolves are hiring Tim Connelly on a five-year deal worth more than $40 million that includes an ownership stake, according to ESPN's Adrian Wojnarowski.

Connelly has served as the president of the Denver Nuggets since 2013 when Masai Ujiri left the same role to become the president of the Toronto Raptors. The latter led the Raptors to the 2019 NBA Finals and the Timberwolves will hope for similar success out of Connelly.

During his time in Denver, the team selected eventual back-to-back NBA MVP Nikola Jokic in the second round of the 2014 NBA Draft. The Nuggets also drafted Jamal Murray, Michael Porter Jr. and Bones Hyland with first-round picks. Last year, the team acquired Aaron Gordon in a trade with the Orlando Magic.

After missing the playoffs in Connelly's first five years at the helm, the Nuggets have made the playoffs in four straight seasons but haven't advanced past the Western Conference Semifinals.

The Timberwolves made the playoffs this season but were bounced in the first round by the Memphis Grizzlies in six games.