DENVER - The wife of Denver Broncos quarterback Peyton Manning will become part owner of the Memphis Grizzlies.
Ashley Manning will be part owner with entertainment superstar Justin Timberlake and former Orlando Magic guard Penny Hardaway, according to a report by ESPN.
The ownership stake is actually in the name of Manning's wife, Ashley, but one source confirmed that Peyton Manning is involved. The Manning's stake in the team and how much they paid for it is not known, ESPN said.
“I am very excited to make the commitment to join the potential new ownership group of the Memphis Grizzlies. As a native of Memphis, it was important to me that the Grizzlies remain in Tennessee and continue to have a positive impact on the community," Ashley Manning said in public statement.
“I am proud of Ashley as she pursues this opportunity with the Memphis Grizzlies. While my focus is on playing quarterback for the Denver Broncos, I look forward to watching her become involved with her hometown team," Peyton Manning said.
Ashley Manning, Timberlake and Hardaway will be in the ownership group together with current Memphis Grizzlies owner Robert Pera, who bought the team on June 11 for $350 million from Michael Heisley.
A number of other local Memphis businessmen will also purchase a share of the team, according to probasketballtalk.com.
The deal is still going through the NBA's vetting process and has yet to be approved, according to probasketballtalk.com
Pera, 34, is billionaire who gained his net worth of $1.5 billion his international wireless company Ubiquiti Networks.
It is not known how much of the Grizzlies Ashley Manning will own.