Former Google CEO Eric Schmidt is joining former MLB star Alex Rodriguez and Marc Lore in purchasing the majority stake of the Minnesota Timberwolves, according to Scott Soshnick of Sportico.
Rodriguez and Lore are finalizing a deal with current owner Glen Taylor in which they will have 80 percent ownership of both the Wolves and Lynx in early 2024, per ESPN’s Adrian Wojnarowski. Taylor, who has owned the teams since 1994, is expected to retain 20 percent ownership.
“Schmidt served as CEO and chairman of Google from 2001 to 2011, staying on as chairman through 2015,” Soshnick wrote. “He later served as executive chairman of Alphabet from 2015 to 2018. He was part of the Josh Harris-led group that recently purchased the NFL’s Washington Commanders for $6.05 billion.”
The Timberwolves are off to the best start in franchise history.
“Under Lore and Rodriguez’s growing influence, the Timberwolves hired away Denver Nuggets GM Tim Connelly as president, and his trades for Rudy Gobert and Mike Conley have played a significant part in the franchise’s rise to an elite level,” Wojnarowski wrote.
ESPN Sources: Marc Lore and Alex Rodriguez are expected to exercise their option to acquire controlling ownership interest of the Minnesota Timberwolves and Lynx from Glen Taylor as soon as today. They have a Dec. 31 deadline. pic.twitter.com/qCYnBZJ0pG
— Adrian Wojnarowski (@wojespn) December 28, 2023