Perry has also agreed to be a partner, the source said. Perry is a limited partner in Heisley's group, too.

Manning is a former University of Tennessee standout. In a statement to The Associated Press, Peyton Manning framed the involvement in terms of his wife.

"While my focus is on playing quarterback for the Denver Broncos, I look forward to watching her become involved with her hometown team," he said.Said Ashley Manning, according to the AP: "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."

Hardaway starred at the University of Memphis and in the NBA. In a statement to The CA, Hardaway said the new Griz group will make the team better andhis Ph.D. in Memphisology" and "checking all the right boxes."

Pera entered into a purchasing agreement with Heisley on June 11 and has been assembling partners since. The most significant move, at least for the team's stability in Memphis, came in late August, when the Cates-Hyde group agreed to join. In conjunction with that agreement, Pera agreed to a series of terms that essentially bind the team in town for another 15 years. The locals' share of the team is estimated at about one-third of its value. Pera is believed to have agreed to pay Heisley $350 million for the franchise.

Pera, 34, is the founder of San Jose, Calif.-based Ubiquiti Networks. The NBA's Board of Governors, which is made up of the league's majority owners, must approve his purchase.