September 7, 2018, 4:17 pmRich DeVosOwner, Orlando Magic
Rich DeVos, owner of the Orlando Magic, passed away Thursday at the age of 92 due to complications from an infection.
DeVos, co-founder of multi-level marketing firm Amway, bought the team in 1991 for $85 million. Forbes Magazine recently estimated the Magic’s value at $1.225 billion. DeVos had already disbursed ownership of the team, with his four children having the majority stake in the team. Smaller stakes of the team also extend into other generations of the family.
Source: Chicago Tribune