Report: Peyton Manning to become minority owner of Memphis Grizzlies

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(CBS) -- When Titans owner Bud Adams was courting Peyton Manning last offseason during free agency, Adams reportedly offered Manning a contract for life with the idea that when Manning's career was over, he would continue on as a member of the organization.

While Manning has made his love for the state of Tennessee well-known, he signed a rich deal to become Tim Tebow's successor in Denver. But still, Manning can't stay away from the state where he went to school -- according to Chris Vernon of ESPN radio in Memphis, Manning has agreed to become a minority owner of the NBA's Memphis Grizzlies.

According to Vernon, other members of the Grizzlies ownership includes Penny Hardaway and Justin Timberlake.

In June, Robert Pera agreed to buy the Grizzlies from Michael Heisley for an estimated $350 million. According to a July article in the Memphis Commercial Appeal, Pera planned on seeking out local partners to help buy the team. Manning, the former University of Tennessee star, would qualify in that regard.

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