MINNEAPOLIS — 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.
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.
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.
“Our vision is for the Timberwolves and Lynx to set a new standard of excellence in pro sports, and we’re confident that Matthew is the leader needed to make that a reality,” Lore and Rodriguez said in a statement issued by the team.
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.
Panthers owner Vincent Viola said Caldwell helped “instill a culture of excellence.”
“There 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,” Viola said in a statement provided by the Panthers. “It’s tremendously bittersweet for our family, but we recognize this is an exceptional opportunity and great next step in his career. Matt’s impact on our organization has been immeasurable, and he leaves with our respect and gratitude.”
The Viola Family celebrates Matt Caldwell’s leadership, success and growth at Panthers organization as he pursues new NBA opportunity.
— Florida Panthers (@FlaPanthers) August 27, 2025
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’ basketball operations. It was a bold coup at the time, and a unique contract structure was necessary to demonstrate to Connelly that the Wolves meant business.
After a drawn-out battle for possession of the franchise finally ended with Lore and Rodriguez winning in arbitration, the two set out to find Connelly’s 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 makes him the ideal fit to raise the Timberwolves’ profile and reshape the franchise’s image.
“I am inspired by Marc and Alex’s vision and passion for Minnesota basketball and their commitment to excellence,” Caldwell said in a statement. “I look forward to making my mark across the organization, and to building a lasting foundation that gives Minnesota basketball fans what they deserve — the best experience in sports, bar none.”
Caldwell replaces Ethan Casson, Taylor’s longtime right-hand man, who left the organization when Taylor lost the arbitration case. He was recently hired to be the CEO of the Dallas Mavericks.
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.
“Leading our organization into an innovative new era requires an exceptional individual at the helm, and Matthew’s proven track record leading the business of the Florida Panthers is undeniable,” Lore and Rodriguez said in the statement. “We can’t wait to see the remarkable impact his bold leadership will have on this organization.”
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’s vision for the teams going forward.
While meeting with the media at the Las Vegas Summer League in July, Lore said they would be “rebranding our values. How we operate as owners, how we communicate with the fans, what we say, what we’re transparent about, how honest we are.”
The basketball staffs for both the Wolves and Lynx have been virtually untouched.
Connelly is running a highly respected Wolves front office, which includes general manager Matt Lloyd and vice president of basketball operations Dell Demps.
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 “super happy here.” 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.
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.
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.
On the women’s side, Cheryl Reeve remains the unquestioned leader of one of the WNBA’s 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.
While Lore and Rodriguez begin the evaluation process for a new arena, one of Caldwell’s 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:
• 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.
“It’s going to elevate the fan experience,” Lore said. “Food, merchandising, ticketing, it’s all part of the experience.”
• 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 “bring in a dramatic feel and start our ownership with a different feel.”
• Heard the fans’ clamoring for a rebrand. The Wolves’ 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 uniforms and the black jerseys featuring trees around the collar and arm holes that were popular during Kevin Garnett’s prime.
“We have to remove the ego and listen to our fan base,” Rodriguez said. “If it’s important to them, it’s 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’re both very aware is important to our fan base.”
(Photo of Matthew Caldwell: Dan Mullan / Getty Images)
