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.