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Matthew Caldwell is stepping down as the business operations president of the two-time defending Stanley Cup champion Florida Panthers and accepting a 10-year deal as CEO of the NBA's Minnesota Timberwolves and WNBA's Minnesota Lynx.

The teams announced the deal on Wednesday. Caldwell will begin overseeing “day-to-day business operations and high-level strategic initiatives for the Timberwolves, Lynx, and (the G League's) Iowa Wolves” on Sept. 2.

It's a major move by new Timberwolves and Lynx owners Marc Lore and Alex Rodriguez, who assumed full control of those franchises earlier this summer.

“I love the NHL. I've enjoyed hockey and I'm a big fan of it,” Caldwell said. “But the NBA is just a much bigger, global platform. I really believe in Marc and Alex and their vision and what they're trying to do. They're trying to make Minnesota best in class.”

Caldwell joined the Panthers in 2014 as chief operating officer before being promoted to CEO in 2016.

“Our vision is for the Timberwolves and Lynx to set a new standard of excellence in pro sports and we’re confident that Matthew is the leader needed to make that a reality,” Lore and Rodriguez said in a joint statement. “Leading our organization into an innovative new era requires an exceptional individual at the helm and Matthew’s proven track record leading the business of the Florida Panthers is undeniable. We can’t wait to see the remarkable impact his bold leadership will have on this organization.”

Caldwell — who served in the Army, is a West Point grad, received MBA and law degrees from Northwestern and worked on Wall Street for Goldman Sachs — played a major role in many parts of the Panthers' turnaround in recent years, especially off the ice.

Earlier this year the Panthers extended their operating agreement with Broward County for five more years, ensuring that the team remains in the South Florida market through 2033 and likely well beyond. The team is playing host to an outdoor game in the Miami Marlins' stadium for the first time this season, has a long waiting list for season tickets and opened a new practice facility at Fort Lauderdale's War Memorial two years ago.

Caldwell said the change was somewhat bittersweet, which was a sentiment echoed by Panthers owner Vincent Viola.

"There are very few opportunities I would advise him to pursue, but working with Alex Rodriguez and Marc Lore on a global platform like the NBA is at the top of that list,” Viola said. “It’s tremendously bittersweet for our family, but we recognize this is an exceptional opportunity and great next step in his career. Matt’s impact on our organization has been immeasurable and he leaves with our respect and gratitude.”

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Matthew Caldwell is stepping down as the business operations president of the two-time defending Stanley Cup champion Florida Panthers and accepting a 10-year deal as CEO of the NBA's Minnesota Timberwolves and WNBA's Minnesota Lynx.


A man in a suit gives a press conference in front of a wall with the Florida Panthers logo.

Matthew Caldwell leaving Cup champion Panthers, becoming CEO of Timberwolves and Lynx

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