The Timberwolves already had issued a statement late Tuesday night wishing Jones luck in Memphis, an indication they didn't plan to match the Grizzlies' offer sheet to him. The Grizzlies didn't make a formal announcement until issuing their own release Thursday night.
Terms of the deal weren't disclosed, but ESPN has reported that the Grizzlies had given Jones a three-year offer sheet worth $28 million.
Jones averaged 6.9 points, 4.8 assists, 1.2 steals and 22.9 minutes for Minnesota last season. The 23-year-old set an NBA single-season record with a 6.96 assist-turnover ratio.
Jones, who is 6-foot-2, will wear No. 21 for the Grizzlies.
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