Richard DeVos, who owned the Orlando Magic franchise since 1991, died Thursday at the age of 92, the team announced.
"One of the NBA's longest-serving owners, Rich DeVos formed a deep bond with the city of Orlando," commissioner Adam Silver said in a league statement. "And on a personal note, I am grateful for his friendship and counsel over the past 25 years. We send our heartfelt condolences to Rich's family and friends and the entire Magic organization."
DeVos, who co-founded the marketing company Amway, purchased the Magic for $85 million two seasons after the team entered the NBA. The club was valued at $1.225 billion by Forbes earlier this year.
DeVos was also the father-in-law of current U.S. Education Secretary Betsy DeVos.
