Peyton Manning & Penny Hardaway part owners of Grizzlies

Peyton Manning & Penny Hardaway part owners of Grizzlies

Postby Basketball Fan on Thu Oct 04, 2012 2:35 pm

http://espn.go.com/nba/story/_/id/84616 ... es-sources

Peyton Manning part-owner in NBA



Denver Broncos quarterback Peyton Manning isn't allowed to own a piece of a football team per NFL rules, but that doesn't mean he can't own a piece of another team in another sport.

Sources have confirmed to ESPN.com that Manning is part of the proposed ownership group led by Robert Pera, who agreed to buy the Memphis Grizzlies from Michael Heisley for about $350 million this summer.

The news of the involvement of Manning, who played collegiately at the University of Tennessee, was first reported by Chris Vernon of ESPN Radio Memphis. The ownership stake is actually in the name of Manning's wife, Ashley, but one source confirmed that Peyton Manning is involved. The Mannings' stake in the team and how much they paid for it is not yet known.

Through last week, Manning has earned more than $178 million on the field and tens of millions of dollars more off it as the most popular endorser in the NFL.

Since Pera agreed to the deal, shares of his company Ubiquiti Networks has been hard hit. On a single day in August, Pera lost $365 million on paper when the company's stock plummeted. Shares since have rebounded modestly.

In recent months, Pera has added local partners, including AutoZone founder J.R. "Pitt" Hyde and financier Staley Cates, who were minority owners under Heisley. In September, Pera scored pop star and actor Justin Timberlake on the ownership roster. Sources also confirmed Thursday that former NBA player Penny Hardaway -- who grew up in Memphis and played at Memphis State -- has joined the group.

A source with knowledge of the sale told ESPN.com's Marc Stein that the transfer of ownership from Heisley to Pera and his high-profile partners remains on course to be approved by the start of the regular season later this month. The NBA Board of Governors is scheduled to have its meeting Oct. 24-25 in New York City.
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Re: Peyton Manning & Penny Hardaway part owners of Grizzlies

Postby Texas Lakers Fan on Thu Oct 04, 2012 4:50 pm

Peyton needs to focus on not killing my fantasy football team instead of sharing part ownership of a pro basketball team.
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Re: Peyton Manning & Penny Hardaway part owners of Grizzlies

Postby Basketball Fan on Thu Oct 04, 2012 5:52 pm

He was pretty good last week

But FWIW his wife Ashley is the one that's legally bound as the part owner not him just his $$$ he agreed to support her in this venture.

She's from Memphis and wants the team to stay in Memphis its also where they got married so there's a sentimental reason for her involvement.

He's pretty much focusing on football at this point in time(and of course a commercial or two)
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Re: Peyton Manning & Penny Hardaway part owners of Grizzlies

Postby purp n gold on Fri Oct 05, 2012 9:45 pm

Here's to some Air Max Pennys being retroed in teal and blue :jam2:
There are two teams that play in the Staples Center:
the LA Lakers and NBA Clippers.
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Re: Peyton Manning & Penny Hardaway part owners of Grizzlies

Postby JSM on Sun Oct 07, 2012 9:12 am

Manning, Penny, and Timberlake...hell, they have more talent in the owners box than they do on the floor.
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Re: Peyton Manning & Penny Hardaway part owners of Grizzlies

Postby Basketball Fan on Wed Oct 10, 2012 9:32 pm

Well at the very least they can host a mean SNL show

Or at least in Manning's case call an audible from half court.
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