MINNEAPOLIS \u2014 The first big move by Marc Lore and Alex Rodriguez since the pair took over the Minnesota Timberwolves and Lynx involved luring a highly regarded executive away from a successful franchise in another sport. That deal is even more significant.<\/p>\n
Lore and Rodriguez named Matthew Caldwell, the president of the back-to-back Stanley Cup champion Florida Panthers, as the new CEO of the Timberwolves and Lynx on Wednesday. Caldwell will receive a 10-year contract to leave South Florida and relocate to Minnesota, a remarkably long-term commitment in an industry where longevity is often measured in months, not years.<\/p>\n
From the moment Lore and Rodriguez assumed control of the Wolves and Lynx, they have said stability and continuity will be two of the defining values of their regime. Signing the leader of their business operations to a decade-long deal is a strong statement to back that pursuit.<\/p>\n
\u201cOur vision is for the Timberwolves and Lynx to set a new standard of excellence in pro sports, and we\u2019re confident that Matthew is the leader needed to make that a reality,\u201d Lore and Rodriguez said in a statement issued by the team.<\/p>\n
Caldwell first joined the Panthers as chief operating officer in 2014. He was promoted to CEO in 2016 at the age of 36 and spent nine years heading the business operations in Florida. The last three of those seasons finished with the Panthers in the Stanley Cup Final. He was able to leverage that success on the ice into major wins in ticket sales, television ratings and sponsorship revenue. Before joining the Panthers, Caldwell graduated from West Point, served in the Army and was a vice president at Goldman Sachs.<\/p>\n
Panthers owner Vincent Viola said Caldwell helped \u201cinstill a culture of excellence.\u201d<\/p>\n
\u201cThere are very few opportunities I would advise him to pursue, but working with Alex Rodriguez and Marc Lore on a global platform like the NBA is at the top of that list,\u201d Viola said in a statement provided by the Panthers. \u201cIt\u2019s tremendously bittersweet for our family, but we recognize this is an exceptional opportunity and great next step in his career. Matt\u2019s impact on our organization has been immeasurable, and he leaves with our respect and gratitude.\u201d<\/p>\n
\nThe Viola Family celebrates Matt Caldwell\u2019s leadership, success and growth at Panthers organization as he pursues new NBA opportunity.<\/p>\n
\u2014 Florida Panthers (@FlaPanthers) August 27, 2025<\/a><\/p>\n<\/blockquote>\n
Three years ago, while they were still minority owners under Glen Taylor, Lore and Rodriguez lured Tim Connelly away from the Denver Nuggets to run the Timberwolves\u2019 basketball operations. It was a bold coup at the time, and a unique contract structure<\/a> was necessary to demonstrate to Connelly that the Wolves meant business.<\/p>\n
After a drawn-out battle for possession of the franchise finally ended with Lore and Rodriguez winning in arbitration<\/a>, the two set out to find Connelly\u2019s equal on the business side. Caldwell has never worked in the NBA, but his role in helping turn a once moribund Panthers franchise into an NHL dynasty<\/a> makes him the ideal fit to raise the Timberwolves\u2019 profile and reshape the franchise\u2019s image.<\/p>\n
\u201cI am inspired by Marc and Alex\u2019s vision and passion for Minnesota basketball and their commitment to excellence,\u201d Caldwell said in a statement. \u201cI look forward to making my mark across the organization, and to building a lasting foundation that gives Minnesota basketball fans what they deserve \u2014 the best experience in sports, bar none.\u201d<\/p>\n
Caldwell replaces Ethan Casson, Taylor\u2019s longtime right-hand man, who left the organization when Taylor lost the arbitration case. He was recently hired<\/a> to be the president of the Dallas Mavericks.<\/p>\n
Lore and Rodriguez went outside the state and league to find the person they would lean on to lead a major overhaul of the business operations. Caldwell will play a pivotal role as the Wolves and Lynx explore a new arena, search for solutions to the league-wide crumbling of regional sports television networks and try to maximize revenue streams.<\/p>\n
\u201cLeading our organization into an innovative new era requires an exceptional individual at the helm, and Matthew\u2019s proven track record leading the business of the Florida Panthers is undeniable,\u201d Lore and Rodriguez said in the statement. \u201cWe can\u2019t wait to see the remarkable impact his bold leadership will have on this organization.\u201d<\/p>\n
He enters the business side of the operations during a period of sweeping change. Lore and Rodriguez recently laid off dozens of business-side employees, and several high-profile executives left for jobs in other cities and leagues. That level of turnover is standard when a new ownership group arrives, and team sources said the layoffs were to clear the way for new faces that will help the Wolves and Lynx fulfill Lore and Rodriguez\u2019s vision for the teams going forward.<\/p>\n
While meeting with the media at the Las Vegas Summer League in July, Lore said they would be \u201crebranding our values. How we operate as owners, how we communicate with the fans, what we say, what we\u2019re transparent about, how honest we are.\u201d<\/p>\n
The basketball staffs for both the Wolves and Lynx have been virtually untouched.<\/p>\n
Connelly is running a highly respected Wolves front office, which includes general manager Matt Lloyd and vice president of basketball operations Dell Demps.<\/p>\n
Last year, Connelly amended his contract so he could wait until the ownership battle ended before making another long-term commitment. The Wolves have yet to announce a new deal for Connelly, but he said after the season that he was \u201csuper happy here.\u201d<\/a> He has turned down overtures from other teams over the last two years, according to league sources, and Lore and Rodriguez have lauded his work in Minnesota.<\/p>\n
Head coach Chris Finch is under contract for the next three years, and his staff, including top assistants Micah Nori, Pablo Prigioni, Elston Turner and Kevin Hanson, have been in Minnesota since Finch arrived in 2021.<\/p>\n
The Timberwolves spent $225 million this summer to keep Julius Randle and Naz Reid as running mates for Anthony Edwards, and the Wolves return all but one key rotation player from a team that has made it to the Western Conference finals in each of the last two seasons.<\/p>\n
On the women\u2019s side, Cheryl Reeve remains the unquestioned leader of one of the WNBA\u2019s most successful teams. She is the president of basketball operations and the head coach, one of the most powerful women in the league. The Lynx lost to the New York Liberty in the WNBA Finals last season, and are 30-7 this year, six games clear of second place in the standings, with MVP front-runner Napheesa Collier leading the way.<\/p>\n
While Lore and Rodriguez begin the evaluation process for a new arena, one of Caldwell\u2019s early points of emphasis will be to increase revenue and improve the fan experience at Target Center, the second-oldest arena in the league. In addition to hiring Caldwell to help shape the initiatives in the future, Lore and Rodriguez have:<\/p>\n
\u2022 Invested in Jump, a company that is providing new software for the Timberwolves and Lynx apps that will change the way fans attend games and give the team more profound insight into the fan base. The new team apps will now serve as a one-stop hub for tickets, merchandise, concessions and more. One feature allows fans to bid on open seats closer to the court during the game, enabling them to upgrade their view.<\/p>\n
\u201cIt\u2019s going to elevate the fan experience,\u201d Lore said. \u201cFood, merchandising, ticketing, it\u2019s all part of the experience.\u201d<\/p>\n
\u2022 Explored changing the lighting in the arena. Lore and Rodriguez want to darken the areas off the court, similar to the way Madison Square Garden in New York and Crypto.com Arena in Los Angeles look. They hope to have it done in the upcoming Wolves season, which Rodriguez said will \u201cbring in a dramatic feel and start our ownership with a different feel.\u201d<\/p>\n
\u2022 Heard the fans\u2019 clamoring for a rebrand. The Wolves\u2019 current jerseys have left many fans wanting, and Lore and Rodriguez said they are exploring options for a new look in the future. There are reports that the team will bring back the beloved Prince City Edition<\/a> uniforms and the black jerseys featuring trees<\/a> around the collar and arm holes that were popular during Kevin Garnett\u2019s prime.<\/p>\n
\u201cWe have to remove the ego and listen to our fan base,\u201d Rodriguez said. \u201cIf it\u2019s important to them, it\u2019s important to us. But as far as rebranding, we have good thoughts. Bringing back some of the history of the KG days is something that we\u2019re both very aware is important to our fan base.\u201d<\/p>\n
(Photo of Matthew Caldwell: Dan Mullan \/ Getty Images)<\/p>\n