The 54-year-old has been involved with Swansea since last year, when he helped launch their kit and joined Luka Modric as an investor of the club.
Speaking to Wales Online, the US rapper explained: "I want to be real hands on, I want to take the club in a direction maybe it hasn't been before.
"We want to take Swansea to the Premier League, and to do that we are going to need money - that's the reality of the game these days.
"I want to introduce sponsorship deals and publicity that will make them a global name."
Snoop intends to watch a Swansea game in person later this season.
"For real I want to meet with the fans. These fans are passionate, they are real, and I want to hear what they got to say when I am in Swansea.
"I knew I always wanted to invest in a soccer team - it's been a dream of mine for years, it was all about waiting for the right opportunity."
Snoop explained why he wanted to invest in Swansea, observing that it's "a proud, working-class city and club".
"My love of football is well known, but it feels special to me that I make my move into club ownership with Swansea City.
"The story of the club and the area really struck a chord with me. This is a proud, working-class city and club. An underdog that bites back, just like me.
"I'm proud to be part of Swansea City. I am going to do all I can to help the club."
Swansea City's ownership group hopes to use Snoop's celebrity status to increase the profile of the team.
The ownership group said: "To borrow a phrase from Snoop's back catalogue, this announcement is the next episode for Swansea City as we seek to create new opportunities to boost the club's reach and profile."
The rapper's investment follows the path of Hollywood stars Ryan Reynolds and Rob McElhenney, who also bought a Welsh club, Wrexham AFC, for around STG2 million in 2021. The club clinched a record third successive promotion last April that booked their place in the Championship this season.
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