FRIDAY, 11:12am: The Wolves made it official today, introducing Saunders to the media at a press conference. Jerry Zgoda of the Star Tribune tweeted a number of highlights from Saunders and Taylor, so we'll round those up here:
- Saunders' contract with the Wolves is for five years with additional options beyond that. The commitment is a "big one," according to Taylor.
- Taylor is now interested in buying out limited partners' shares of the franchise rather than considering selling his own majority stake in the team.
- As of now, Saunders expects head coach Rick Adelman to be back on Minnesota's bench next season.
- Saunders was noncommital when asked if his own coaching career is over.
THURSDAY, 7:16pm: Former Timberwolves and Pistons head coach Flip Saunders has officially signed a multi-year deal to become president of basketball operations for the Timberwolves, according to a tweet from ESPN.com's Brian Windhorst. Saunders will also have an ownership stake in the team.
Minnesota's owner, Glen Taylor, has also opted not to sell the team, and has taken it off the market. Earlier today it was announced that the Timberwolves would decline the option on former general manager David Khan.