ORLANDO, Fla. -- The family of Rich DeVos, which has owned 100 percent of the Orlando Magic since 1991, took the first step toward a possible sale or partial sale of the team Thursday when Bob Vander Weide, chief executive officer, met with NBA commissioner David Stern in New York to discuss their options, the Orlando Sentinel reported Thursday.
At the same time, John Weisbrod, the team's chief operating officer, was meeting in Orlando with the management staff of RDV Sports -- the parent company of the Magic -- informing them of Vander Weide's mission in New York.
According to sources within the organization, the DeVos family has decided to reduce its share of the team, expecting to retain controlling interest while selling a 49 percent share. The DeVos family has reportedly not met with any possible investors at this time.
In 2000, Forbes Magazine valued the Magic franchise at $165 million. The DeVos family paid around $80 million to buy the team in September 1991.
| |
|
