Wolves' GM David Kahn released a statement on the Timberwolves' official Web site.  

"On Saturday night, an agreement was reached ... to buy out the last two years of Ricky's contract with Joventut so that he could play in the NBA next season," Kahn said.

Kahn goes on to explain that while the parties were finalizing the term sheet Monday night, Rubio changed his mind and said that he preferred to stay home and play for FC Barcelona.  But, according to Kahn's statement, Rubio is committed to joining the Wolves in two years.

Kahn seems supportive of Rubio's decision.

"This morning I met with Ricky and his parents and told them that I understood Ricky's decision," Kahn said.  "It was clear to me yesterday and in this morning's meeting that the pressure surrounding Ricky and his family to remain in Spain for at least two more years had only intensified as the summer wore on and was weighing heavily on them."  

Kahn states that two more years of competition overseas will make Rubio "much more ready for the NBA" when he eventually comes over.

Kahn expressed no regrets at his decision to select Rubio with the 5th pick in this year's draft.  

"I wished Ricky well," Kahn said, "and told him that, while I could not predict the future, I expected to see him in Minnesota soon."