Tim Connelly agreed to a restructured contract with the Minnesota Timberwolves this week, which defers his opt-out until the 2025 offseason.

Glen Taylor continues to make the decisions on the franchise while his legal battle with the Marc Lore/Alex Rodriguez ownership group plays out via arbitration.

All sides are open to a long-term deal once clarity on the ownership of the franchise is reached.

Taylor has informed many within the organization he is prepared to pay the luxury tax next season if he remains as controlling owner. 

Michael Bloomberg has agreed to join the ownership group of Marc Lore and Alex Rodriguez as they attempt to take majority control of the Minnesota Timberwolves.

Bloomberg is the 12th richest person in the world at over $106 billion.

Lore and Rodriguez currently own 40 percent of the Timberwolves and are in a legal battle with Glen Taylor for the additional 40 percent of the franchise they agreed to purchase in 2021 at a $1.5 billion valuation.

Taylor called off the deal in March claiming Lore and Rodriguez didn't meet contractually obligated deadlines. Lore and Rodriguez disputed that characterization, saying they submitted commitment letters for the $600 million needed to get them to 80 percent equity ahead of the March 27 deadline. 

Lore and Rodriguez can purchase a final 20 percent stake in the franchise anytime before March 2025. By adding Bloomberg, they can immediately go forward with a final $300 million-plus investment to buy out Taylor now.

Tim Connelly and the Minnesota Timberwolves have agreed to a restructured contract that will allow him to again have an opt-out clause after the 24-25 season.

The Wolves hired Connelly away from the Denver Nuggets during the 2022 offseason and he had the ability to opt-out of his contract this offseason. Connelly signed a five-year, $40 million deal with Marc Lore and Alex Rodriguez driving the decision.

Connelly's opt out was intended to line up with the transfer of ownership from Glen Taylor. 

Tim Connelly is expected to sign a new deal to return to the Minnesota Timberwolves as the president of basketball operations next season, according to Shams Charania.

"The expectation around the league...is that Tim Connelly will end up in a restructured deal," said Charania on Run It Back.

"Whether it's Glen Taylor or Alex Rodriguez and Marc Lore, they understand his market value has gone up," added Charania. 

Connelly, who is currently making $8 million a season, can opt out of his deal this summer.

Connelly is expected to earn between $10-$15 million per season on his next deal.

The future of Karl-Anthony Towns with the Minnesota Timberwolves could be dependent on whether control of the franchise ultimately ends up with Glen Taylor or the Marc Lore/Alex Rodriguez group. There is speculation around the NBA that the Lore/Rodriguez group will be more frugal and could trade Towns to save on salary and luxury tax.

"Let me just say this: I don't believe it is going to get slashed," said Brian Windhorst about the Lore/Rodriguez group on the Hoop Collective Podcast. "I believe if they get the team by the fall, which I am skeptical of for various reasons, but if they get the team by the fall, I don't think they're cracking this team in pieces to save money. I think because one team about the team, they have instantaneous equity, they can borrow it against it like that."

The NBA's media rights deals will nearly triple beginning with the 25-26 season, while expansion will also give existing owners an influx of money in the coming years.

"I do not think they would tear the team apart, however, I do think there's a possibility if the ownership change took place that Karl Towns' role would be reevaluated," said Windhorst. 

Karl-Anthony Towns' salary for the 24-25 season will jump to $49 million as he begins his supermax contract.

Towns has an uncertain future with the Wolves, but he would like to remain with the franchise. The Wolves face a mounting luxury tax bill that will be difficult for them to afford long-term.

"I'm just happy to see, been here nine years, hope next year, I'd love for the tenure to keep going," Towns said.

Towns added that he has confidence he will remain with the Wolves. 

"I'm confident I'll be able to be here with my brothers and continue what I love to do here at home," Towns said. "So that's the plan. Nothing's changed on my side. I love this city. I love this organization. I love this city."

The Cleveland Cavaliers have received permission to interview Micah Nori for their head coaching vacancy.

Nori is the lead assistant coach of the Minnesota Timberwolves and played a more active role in the Western Conference Semifinals and Finals following the injury to Chris Finch.

Nori also interviewed with the Los Angeles Lakers for their vacancy.

While Kenny Atkinson and James Borrego are considered the favorites to become Cleveland's next head coach, they will also interview Johnnie Bryant and Chris Quinn.

The Western Conference Finals between the Dallas Mavericks and Minnesota Timberwolves averaged a 3.4 rating with 6.74 million viewers.

That number is down 18% in ratings from last year's Lakers-Nuggets series.

The Game 5 clincher averaged a 3.2 rating with 6.26 million viewers.

The Celtics-Pacers series averaged a 3.4 rating with 6.31 million viewers.

The Minnesota Timberwolves project to have one of the NBA's most expensive teams next season. The Wolves have nearly $191 million in guaranteed salary on their books for nine players. That figure is already over the projected second apron of $189.5 million, before the team finishes filling out the roster.

That sort of spending is unprecedented in Minnesota's history. However, as the team's ownership battle plays out, both sets of owners indicate they'll pay to keep the team together.

Glen Taylor, who retains majority ownership of the Wolves, and Marc Lore and Alex Rodriguez have each given the impression that they won't break the team up because of the tax. The challenge is that the second apron makes building out the rest of the roster a major challenge. That could eventually force the team's hand in making some changes to alleviate the high payroll.

Minnesota Timberwolves primary governor Glen Taylor plans to meet with president of basketball operations Tim Connelly to discuss Connelly's future with the team. Connelly can opt out of his contract in the coming days. The Wolves ownership battle could be a factor in Connelly's decision to stay or to pursue other opportunities.

The Detroit Pistons were rumored to be interested in hiring Connelly to run their front office, but have since hired Trajan Langdon. That came as a relief to Minnesota, as it removed a primary contender, should Connelly opt out of his deal.

Taylor remains in full control, as he still owns the majority stake of the Timberwolves. Marc Lore and Alex Rodriguez contend that Taylor acted in bad faith, by backing out of an agreement to sell the team to them. That fight doesn't seem close to a resolution any time soon.