(Reuters) - The Minnesota Timberwolves have hired Tom Thibodeau as their new coach and president of basketball operations, the team announced on Wednesday.
Thibodeau has been one of the NBA's most coveted coaches since he was fired by the Chicago Bulls following the 2014-15 season and according to various reports, will sign a five-year contract worth $50 million.
The 58-year-old spent five seasons at the helm of the Bulls, completing a regular season record of 255-139 while leading the franchise to the playoffs every year.
His hiring returns him to Minnesota, where he held his first NBA job as an assistant coach during the Timberwolves' expansion season of 1989-90.
The Timberwolves are an up-and-coming franchise with attractive young talent and despite ending the recently completed season with a poor 29-53 record will be looking to end a 12-year playoff drought in the next campaign.
"We are extremely excited to welcome Tom Thibodeau back to the Timberwolves," Timberwolves owner Glen Taylor said in a statement.
"He is a proven winner, leader and one of the most well-respected NBA head coaches over the last decade. The future of the Minnesota Timberwolves has never been brighter."
Minnesota also announced the hiring of general manager Scott Layden, who arrives from the San Antonio Spurs' front office and brings more optimism to the franchise.
Writing by Jahmal Corner in Los Angeles; Editing by John O'Brien