Magic owner DeVos dies at 92

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.