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Official: Tom Thibodeau is the head coach of the Timberwolves

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Tom Thibodeau is now the head coach and president of basketball operations of the Minnesota Timberwolves.

After reports surfaced earlier in the day saying the two sides were nearing a deal, the team made the announcement official Wednesday evening. Thibs will bring along Scott Layden to be general manager – he comes from San Antonio where he's been an assistant in the front office.

"Through this process we quickly identified Tom as the best leader to shape our talented team and help them realize their full potential," owner Glen Taylor said in a news release. "He is a proven winner, leader and one of the most well-respected NBA head coaches over the last decade."

A press conference to introduce Thibodeau and Layden will be announced in the near future, the team said. He released a statement on Friday night.

https://twitter.com/JerryZgoda/status/722959389745770497

Details of the deals

https://twitter.com/Timberwolves/status/722920512322715648

While the Wolves didn't release financial details, other sources have weighed in on the cost of acquiring the 58-year-old Thibodeau and Layden.

It's a five-year deal, The Vertical's Adrian Wojnarowski says.

https://twitter.com/ESPNSteinLine/status/722912997962698752

https://twitter.com/stevekylerNBA/status/722848509737570306

Here's some more from top basketball writers.

https://twitter.com/ChrisMannixYS/status/722852441004244993

https://twitter.com/ChrisMannixYS/status/722853508853071872

https://twitter.com/APkrawczynski/status/722834464326299648

https://twitter.com/BillSimmons/status/722912687936503808

https://twitter.com/BillSimmons/status/722913398178975746

https://twitter.com/BillSimmons/status/722913922471190530

https://twitter.com/kpelton/status/722922832502501376

https://twitter.com/NBATV/status/722919330082492416

Thibodeau/Layden connection

According to NBA.com, Thibodeau and Layden spent time together with the New York Knicks in the late 1990s.

Thibodeau was an assistant coach with the Knicks from 1996-2003. Layden joined the Knicks as their GM in 1999 and was later promoted to team president. Prior to his time in New York he helped build the ultra-successful Utah Jazz teams of the mid-90s.

Thibodeau/Garnett connection

Garnett, who could someday become part of the Wolves’ ownership group, has a strong relationship with Thibodeau from their days together in Boston, Wojnarowski reports. Thibodeau was an assistant in Boston from 2007-2010 and they won a title together in 2008.

What happens to current GM Milt Newton?

According to the Star Tribune, Milt Newton can remain on the staff if he wants. His role hasn’t been defined, but Jerry Zgoda says Newton would report to Layden and Thibodeau of he stays.

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