Timberwolves, Lynx name Stanley Cup-winning NHL exec as new CEO

The Timberwolves and Lynx have named an NHL executive as the next CEO of Minnesota’s pro basketball teams.

Matthew Caldwell will run the business operations for the Wolves and Lynx following nearly a decade as CEO of the Florida Panthers. That team won a second consecutive Stanley Cup this spring.

It’s the biggest hire yet for new owners Marc Lore and Alex Rodriguez, who took full ownership of the teams in June after a prolonged sale. Since then, they’ve been laying off business-side staff as they reshape the organization.

Hiring the top executive of a championship team signals they expect the same trajectory in Minneapolis.

“Matthew’s proven track record leading the business of the Florida Panthers is undeniable,” Lore and Rodriguez said in a prepared statement. “We can’t wait to see the remarkable impact his bold leadership will have on this organization.”

Caldwell, 45, begins his new role leading the business of Minnesota’s NBA and WNBA teams — as well as the G League affiliate Iowa Wolves — Sept. 2.

“I am inspired by Marc and Alex’s vision and passion for Minnesota basketball and their commitment to excellence,” Caldwell said in a news release. “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.”

Tim Connelly will remain president of basketball operations for the Timberwolves, and Cheryl Reeve will remain coach and president of basketball operations for the Lynx.

Interim CEO Kelly Laferriere will become senior adviser to ownership.

Chief executives at sports franchises manage the financial and operational flow of the enterprise and serve as a direct representative of the owners.

Caldwell is a U.S. Army veteran and former Goldman Sachs vice president who joined the Panthers in 2014 as chief operating officer. He became the youngest pro sports CEO, at age 36, when he was promoted in 2016.

In a news release, the Wolves pointed to the Panthers’ “record-setting ticket sales, TV viewership and sponsorship revenue” during Caldwell’s tenure.

Florida Panthers owner Vincent Viola said in a statement Caldwell’s departure is “bittersweet.”