Every owner since the start
- 1991-todayDeVos family through RDV Sports; Dan DeVos has chaired RDV Sports since 2018
Rich DeVos bought the franchise on 19 September 1991 for a reported $85M from the group headed by William duPont III. His four children now hold the largest stakes.
- 1987-1991Founding group: Jim Hewitt, Pat Williams, William duPont III, Don Dizney, Jim and Steve Caruso
Founded as an expansion team for a $32.5M fee. Individual stakes were not found.
Value over time
Show the numbers
| Year | Forbes value |
|---|---|
| 1998 | $134M |
| 1999 | $159M |
| 2000 | $165M |
| 2002 | $176M |
| 2003 | $197M |
| 2004 | $218M |
| 2005 | $247M |
| 2007 | $322M |
| 2008 | $349M |
| 2009 | $361M |
| 2011 | $385M |
| 2012 | $385M |
| 2013 | $470M |
| 2014 | $560M |
| 2015 | $875M |
| 2016 | $900M |
| 2017 | $920M |
| 2018 | $1.23B |
| 2019 | $1.32B |
| 2020 | $1.43B |
| 2021 | $1.64B |
| 2022 | $1.85B |
| 2023 | $2.95B |
| 2024 | $3.2B |
| 2025 | $3.9B |
| 2026 | $4.5B |
Forbes valued the Magic at $134M in 1998 and $4.5B in 2026, a multiple of about 34x. The biggest one-year jump, in dollars and in percentage terms, was $1.1B in 2023 (up 59%).
How the current owner bought it
- The seller was the founding group, headed by developer William duPont III. Why the founders sold is not stated in the sources.
- Rich DeVos bought through RDV Sports, a private company set up in 1991 for the purpose. His eldest son Dick DeVos, then 35, was put in charge.
- Financing details were not found.
- Ownership stakes passed to his four children before Rich DeVos died on 6 September 2018. Later generations also own shares.
- Nothing is pending. The family said in 2014 and again in 2018 that the team was not for sale.
Partners in the team
No outside partner has been reported: the club is family-owned through RDV Sports, and no minority stake sale was found in any year.
How the team is run
- The board leads. Basketball president Jeff Weltman reports directly to it, and business president Charlie Freeman runs commercial operations.
- There has been no CEO since 1 July 2025, when Alex Martins became vice chair after 14 years as CEO. Ryan DeVos, a grandson of Rich DeVos, is managing director.
- The city owns the arena, a $480M project. Wikipedia records a 30-year lease at $1M a year, at least $50M of Magic cash and a Magic guarantee on $100M of bonds.
- Westcourt, a $500M district on 8.5 acres beside the arena, was approved in April 2024. Completion is expected in 2027.
- In 2023 the Magic gave $50,000 to a super PAC backing Ron DeSantis, and the players union objected publicly. No league fine or lawsuit was found.
Quick answers
Who owns the Orlando Magic?
The DeVos family, whose money comes from direct-selling company Amway, has owned the Magic since September 1991; Dan DeVos is chairman.
How much are the Orlando Magic worth?
Forbes values the Orlando Magic at $4.5B in its October 2026 list, up 15% from $3.9B a year earlier. That makes them the 24th most valuable of the 30 teams; in 1998 Forbes put the team at $134M.
How much did the current owner pay for the Magic?
$85M (DeVos family, 1991). Forbes now values the team at about 53 times that price.
Who owned the Orlando Magic before the current owner?
Founding group: Jim Hewitt, Pat Williams, William duPont III, Don Dizney, Jim and Steve Caruso (1987-1991). Founded as an expansion team for a $32.5M fee. Individual stakes were not found.
Open questions
- How the equity is split among the four siblings and their descendants is not published.
- The stake of each founding investor, and the reason for the 1991 sale, were not found.
- A reported January 2002 episode, in which Rich DeVos offered the team for sale and withdrew it, could not be verified.
- Only Wikipedia says son-in-law Bob Vander Weide formally took the owner role on 15 November 2007.
- The Magic say the family put more than $100M into the arena; Wikipedia counts $50M of cash plus a bond guarantee.