Peyton Manning to be Part-Owner of Memphis Grizzlies

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October 5, 2012 2:31 AM EST

One of the best NFL players of all time is now on his way to becoming the owner of an NBA team.

Peyton Manning has reportedly agreed to become a part-owner of the Memphis Grizzlies, according to Chris Vernon of ESPN Radio in Memphis. The quarterback joins Justin Timberlake and former basketball player Penny Hardaway as minority owners of the team.

Ubiquiti Networks CEO Robert Pera is in the process of purchasing the Grizzlies from Michael Heisley. He has formed a group of minority owners that are looking to take over the franchise.

Pera experienced some trouble in negotiations with current ownership. He originally agreed to pay $350 million for the team, but his company’s shares have fallen since news of his potential purchase became public.

In July, NBA commissioner David Stern said the process of selling the Grizzlies was "proceeding on pace and we hope in the next couple months to be able to approve that."

Manning currently plays for the Denver Broncos, but spent four years in Tennessee during his college years. There was talk of him joining the Titans in the offseason when he was released by the Colts.

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