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Family May Sell Part of Orlando, Fla., Basketball Team; Looks to Build Arena.
Knight Ridder/Tribune Business News, January, 2002
By Tim Povtak, The Orlando Sentinel, Fla. Knight Ridder/Tribune Business News
Jan. 13--Rich DeVos and his family, who have owned 100 percent of the Orlando Magic since 1991, informed the NBA on Thursday that they want to sell part of the team.
Team President Bob Vander Weide met in New York with National Basketball Association Commissioner David Stern. According to sources within the Magic and the NBA office in New York, the talks were mostly exploratory, centered around finding a partner to buy a minority stake in the team and one who might help DeVos fund a new arena for the Magic.
For the near future, the DeVos family plans to retain controlling interest in the franchise, and it will remain in Orlando.
While Vander Weide talked...
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