'Losing is not an option.' Penny Hardaway era begins for Memphis basketball

Penny Hardaway is officially the men's basketball coach at the University of Memphis.

IN PHOTOS: Penny named Memphis men's basketball coach

After weeks of rumors, the school made the move official during a news conference Tuesday morning. Penny Hardaway becomes the school's 19th men's basketball coach.

Watch the news conference below. Keep scrolling for social media reaction.

Penny is a homegrown product. He starred at Treadwell High School, where he was named Parade Magazine National High School Player of the Year.

At the University of Memphis, he was a two-time All-American and conference player of the year.

Penny entered the NBA Draft after his junior season. He was picked #3 overall by the Orlando Magic and went on to be a four-time NBA All-Star.

Most recently, Penny was the boy's basketball coach at Memphis East High School. His team won its third straight state championship on Saturday.

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