Denver Broncos quaterback Peyton Manning has purchased a stake in the Memphis Grizzlies' NBA franchise.
According to reports confirmed Thursday by ESPN.com, Manning is part of a potential ownership group with Robert Pera. Actually, Manning's wife, Ashley, is named as the investor, but it's believed to be a family endeavor. Manning played college football at Tennessee and has maintained strong ties to the state.
Pera agreed this summer to buy the team from owner Michael Heisley for approximately $350 million. The amount of the Mannings' investment is unknown at this time.
ESPN.com also reported Thursday that former NBA player Penny Hardaway, who played college basketball at Memphis, is part of the group. It was announced in September that pop star Justin Timberlake is also among the proposed owners.
Pera, who owns Ubiquiti Networks, and his partners could be approved as the Grizzlies' owners during the NBA Board of Governors meeting Oct. 24-25 in New York, ESPN.com indicated.