DENVER (KDVR) – The man that built the Denver Nuggets into a perennial playoff team is now taking his talents to Minnesota.

ESPN’s Adrian Wojnarowski is reporting Nuggets President Tim Connelly has agreed to a deal with the Minnesota TImberwolves, that includes ownership equity.

The five-year deal is worth $40 million, on top of the ownership stake, according to Wojnarowski. It would make Connelly one of the highest-compensated executives in the league.

Wojnarowski reported Denver made an offer that would have made Connelly “one of the better-paid league executives,” citing sources, but the Minnesota ownership stake was “life-changing money.”

According to Shams Charania with the Athletic, Nuggets General Manager Calvin Booth is “expected to assume lead basketball operations role for the franchise.”

This is a developing news story. Check back here for the latest details.