Nicolas Batum, the main free agency target of the Minnesota Timberwolves, has signed a 4-year, $46.5 million contract with the Trail Blazers.
Portland had until Wednesday night to match the Wolves' offer sheet to retain the 23-year-old Frenchman.
Batum officially signed Minnesota's offer sheet on Sunday, and made it clear he wanted to play in a Timberwolves jersey next year. But Blazers general manager Neil Olshey insisted the team would match any offer for Batum.
"We are disappointed that Nicolas Batum will not be on our team and wish him the best in the future," Timberwolves GM David Kahn said. "However, we were prepared for the possibility of this outcome and will move forward with our other plans. We are positioned well from a salary cap standpoint and will continue to explore additional roster moves. We are confident that we will make the necessary transactions to improve our team for the coming season and beyond."