The City of Minneapolis, the Minnesota Timberwolves and Lynx and Anschutz Entertainment Group (AEG) have agreed to the major terms of a $97 million deal to renovate the 23-year old city-owned Target Center. Minneapolis will contribute $48.5 million to the project, the Timberwolves and Lynx will pay $43 million and AEG will pay $5.5 million. 

“The new Target Center will be stunning. I am thrilled that Timberwolves and Lynx fans will soon have a first class experience when they come to our games,” said Glen Taylor, majority owner of the Minnesota Timberwolves and Lynx professional basketball teams, which both use Target Center as their home. “This is a fair and sensible solution. Target Center has a perfect location and good bones, so we’re excited about building something truly special on that strong foundation.” 

As part of the deal, the Wolves have extended their lease to 2032. 

The Minnesota Timberwolves have waived center Chris Johnson.

The Wolves' roster now stands at 15 players.

Johnson, 28, played in two preseason games this season and averaged 2.0 points and 1.5 rebounds per game. He was originally signed by the Wolves to a 10-day contract on January 19, 2013 before being signed to a second 10-day contract on January 29. Johnson was signed for the remainder of the 2012-13 season on February 8. 

The Minnesota Timberwolves have exercised its fourth-year options on guard Ricky Rubio and forward Derrick Williams.

Rubio, the fifth overall pick in the 2009 NBA Draft, joined the Wolves in 2011-12 and has played 98 games with the club. He holds career averages of 10.7 points, 7.7 assists and 2.3 steals per game, including setting the franchise single-season steals mark last year (2.40 spg). As a rookie in 2011-12, Rubio was named to NBA's All-Rookie First Team after averaging 10.6 points, 8.2 assists and 2.2 steals per game.

Williams, the second overall pick in the 2011 NBA Draft, has appeared in 144 games (71 starts) with the club, holding career averages of 10.5 points and 5.1 rebounds per game. Williams started 56 games in 2012-13 and averaged 14.5 points and 6.6 rebounds per game in 40 games (all starts) over the last three months of the season.

The Minnesota Timberwolves have waived guards Lorenzo Brown and Othyus Jeffers. 

Brown, 23, averaged 12.6 minutes in three preseason contests this year, averaging 4.0 points, 1.0 rebounds and 1.0 assists per game.

Jeffers, 28, played in six preseason games with Minnesota this season, averaging 4.3 points and 3.5 rebounds in 14.3 minutes per game.

The Minnesota Timberwolves will exercise their 14-15 option on the contract of Derrick Williams.

Williams was the No. 2 overall pick in the 2011 NBA Draft out of Arizona.

Williams started 46 games last season filling in for Kevin Love at power forward.

Rick Adelman hasn't figured out how best to use Williams yet.

Rick Adelman is not impressed with the Minnesota Timberwolves' 2-2 start to the preseason and criticized their sense of urgency -- or lack thereof -- and sloppiness in a loss to the Toronto Raptors on Saturday.

“I don’t understand,” Adelman said. “Like I told them afterward, we’ve played two games here at home and we’re acting like we’re just going through the motions. We aren’t the San Antonio Spurs and we aren’t Miami. We act like we have plenty of time.”

Adelman spoke to his team after the game to let them know the preseason could dictate their season.

“They’ve got to figure out what they want to do as a team,” Adelman said. “I just told them, ‘What kind of season do you want?’ That’s really up to us to make what we want. They’ve got to figure out what they want to do as a team.”

The Minnesota Timberwolves lost to CSKA Moscow in a preseason game on Monday, 108-106, marking the third time a European club defeated an NBA team in North America.

The game went to overtime after CSKA Moscow led 53-50 at halftime.

Milos Teodosic led CSKA Moscow with 26 points and nine rebounds off the bench.

CSKA Moscow also boasted former NBA players such as Nenad Krstic, Jeremy Pargo and Victor Khryapa.

Chase Budinger underwent arthroscopic knee surgery on Tuesday to repair a cartilage injury.

The Minnesota Timberwolves said Budinger will be sidelined indefinitely.

Budinger missed a large part of last season with a similar injury.