"We sincerely thank Tyus for his contributions on the court and Tyus and the entire Jones family for their genuine impact on the Twin Cities community," Timberwolves president of basketball operations Gersson Rosas said in a statement Tuesday night. "We wish them nothing but the best in Memphis."
Minnesota had two days to match the Grizzlies' offer sheet. Among the reasons for not doing so, according to ESPN's Adrian Wojnarowski: The Timberwolves are pursuing max salary-cap space in 2020 free agency.
Memphis, meanwhile, is using most of a $9.3 million midlevel exception on Jones, according to ESPN's Bobby Marks.
The 23-year-old Jones averaged 6.9 points and 4.8 assists for the Timberwolves during the 2018-19 season.
Jones was the 24th overall pick in the 2015 draft by the Cleveland Cavaliers, but was traded to the Timberwolves for two second-round picks. During his career in Minnesota, he has averaged 5.1 points and 3.3 assists.