Tom Thibodeau is Minnesota Timberwolves’ new coach and president of basketball operations.

The Wolves welcomed Thibodeau Wednesday. ESPN sources said that the Wolves have finalized a quite expensive deal. Owner Glen Taylor will commit approximately $10 million per year to give his organization an overhaul.

Thibodeau’s five-year contract is worth $40 million. The new general manager of the team Scott Layden will earn around $2 million per season.

Thibodeau said that he finds it “incredible” to join the Wolves again because he began his career with the team. Now he has rejoined them at a time he thinks of them as the “best young roster in the NBA.” He added that he is looking forward to establishing a winning culture that sports fans will be proud of. Of course, it will be with the help of Scoot Layden and Glen Taylor.

Despite Taylor’s indecisiveness, he quickly acted on winning Thibodeau. The new coach is expected to have complete control of basketball operations. Layden is expected to manage day-to-day responsibilities in the front office.

Layden served San Antonio in the last four seasons as assistant to president of SA Spurs, R.C. Buford. Layden also worked formerly with the New York Knicks and Utah Jazz as general manager.

The Wolves owner has already set his eyes on Thibodeau for several months now in the search for the best coach to manage new young talents. The Wolves failed to make it into the playoffs for 12 consecutive seasons already, the longest one in the NBA. The team expects to have a lottery pick in June’s NBA draft.

ESPN also mentioned that Wolves’ present general manager Milt Newton may be given a chance to stay with the organization working with the new members.

Tom Thibodeau was fired last season after his clash with management despite a good record of winning almost 65 percent of his games in the last five seasons with Chicago Bulls. Minnesota only became more determined to get the coach as they watched the Bulls struggle without his “hard-driving style.”