While it was reported that Tim Connelly secured an equity stake in the Minnesota Timberwolves as part of his compensation package, sources tell Marc Stein of Substack that it is overstated.

Connelly's contract has an unspecified bonus based on the value of the franchise increasing over the term of his contract.

"As enticing as that still sounds as a contract clause, I'm told it's incorrect to assert that Connelly now holds an ownership stake in the Wolves," writes Stein.

Connelly signed a five-year, $40 million deal with the Wolves.