Eric Schmidt has joined Marc Lore and Alex Rodriguez as part of their ownership group to purchase the Minnesota Timberwolves.

Lore and Rodriguez have been looking to raise money ahead of their next call option where they will purchase an additional 40 percent in the franchise. 

The duo raised at least some of the money in this round at a $2.1 billion valuation. Lore and Rodriguez purchased the Wolves in 2021 at a $1.5 billion valuation.

Schmidt served as CEO and chairman of Google from 2001 to 2011, staying on as chairman through 2015. Schmidt was recently part of the ownership group to purchase the NFL's Washington Commanders.

Marc Lore and Alex Rodriguez are expected to exercise their option to acquire controlling ownership of the Minnesota Timberwolves form Glen Taylor as soon as today. The partners face a December 31st deadline.

The action formalizes their intent to purchase an additional 40 percent of the franchise from Taylor and give Lore and Rodriguez 80 percent ownership by early 2024.

Lore and Rodriguez agreed to buy the Wolves at a $1.5 billion valuation via a tranched-out purchase. Lore and Rodriguez have been working on raising money to finance the next purchase.

The Iowa Wolves have acquired the returning player rights to Lance Stephenson.

The Minnesota Timberwolves currently have an open roster spot.

Stephenson last played in the NBA in 2021-22 with the Hawks and the Pacers. His most recent playing experience was four games in Puerto Rico’s Leones de Ponce this past spring.

The New York Knicks interest in Karl-Anthony Towns of the Minnesota Timberwolves seems to have waned over the years. While New York has checked in on the trade availability of Towns earlier this year, they never made an offer for the Minnesota big man.

In fact, it's been a few years since the Knicks have made a run at Towns.

The Wolves are not expected to entertain offers for Towns at this point, no matter who calls. Minnesota is leading the Western Conference and has the best record in the NBA at 17-4.

Jamahl Mosley and Chris Finch have been named the NBA's Coaches of the Month for October/November.

Mosley guided the Orlando Magic to a 13-5 record during the two months.

Finch led the Minnesota Timberwolves to a 14-4 mark.