Somebody asked Flip Saunders the other day to name his most exciting moment in a lifetime of basketball and the guy who formally returned to the Timberwolves on Friday after eight years away without hesitation chose an unforgettable Game 7 playoff victory over Sacramento in 2004.

“Best time I ever had,” he said. “Very ironic that the two coaches happened to be Rick Adelman and myself, and now we’re teammates and we’re together.”

On Friday, the Wolves named their former coach the team’s president of basketball operations — not to mention a minority owner as well — to replace the fired David Kahn and lead a team that expects Adelman to return as coach next season.

“There are not many organizations that can say they have two people who have over 1,600 wins in the NBA,” Saunders said.

And now one of them has been hired to run an NBA front office for the first time in his career.

Saunders shuffled around the question when asked if he is done with coaching now that he is leaving an ESPN commentary job for an executive’s job.

“As coaches, we always coach,” Saunders said during his reintroductory news conference. “I’ve been coaching the last year on ESPN. Right now, as I’ve said, Rick’s our coach. I’m thrilled to have the opportunity to work with him.”

Wolves owner Glen Taylor called upon an old friend when he decided not to renew the final option year on Kahn’s five-year contract signed in May 2009. He brought back a guy he now regrets firing in 2005, a guy who, while coaching in the CBA, was one of the first people to contact Taylor looking for a job when he bought the team in 1994.

Saunders this time signed a five-year contract that Taylor said he hopes extends beyond that. The owner said there wasn’t “just one thing that did it’’ in deciding to let Kahn go.

“The final result was I thought it was time to make a change,” Taylor said.

Taylor said he had a list of eight candidates — including 11-time NBA champion coach Phil Jackson — compiled for the job but never called any of them because he already had decided Saunders was the right man for the job.

The two men have talked regularly for the past 10 months, during which Saunders was part of two separate groups interested in buying the team. Through their conversations, both discovered that Taylor really didn’t want to sell the team at all.

On Friday, Taylor announced he’s now buying out any willing limited partners and not selling; at the same time Saunders bought a piece of the franchise himself because he said he believes in Taylor as well as the financial future of the NBA, the team and the city.