Apr 6, 2014, 9:30 PM EST
The Milwaukee Bucks may be nearing a sale of the team, but another Eastern Conference franchise chose to speak publicly to squash any rumors that their club may be similarly up for grabs.
The Orlando Magic have come up in rumors over the past year or so, with some believing that the 88-year old Rich DeVos would be interested in cashing in. But the family made it clear that at this point, there is no interest in selling.
The DeVos family, which owns the Orlando Magic, has no plans or desire to sell the franchise, the team’s chairman, Dan DeVos, told the Orlando Sentinel on Sunday.
“As a family, the topic of selling the team has not come up,” DeVos wrote in an e-mail message. “In fact, we are enjoying the team more than ever. Especially my father. We are very excited about our focus on winning a NBA championship. The family is fully engaged and active with the team. All four generations.
“The Magic are not for sale.”
Even if the family’s patriarch is getting up there in age, there’s little reason that anyone with ownership in an NBA franchise should be looking to sell.
Not only are franchise values at an all-time high, with even a team like Milwaukee expected to go for north of half a million dollars, but there’s a new television rights deal on the horizon that will make every team in the league that much richer.
NBA franchises have done nothing but increase in value over time, so even if some teams can’t find a way to turn a profit (as was claimed in the latest collective bargaining agreement negotiations), it’s worth holding onto them as assets that continue to appreciate.
- PBT’s weekly NBA Power Rankings: Santa brings Warriors top spot, lump of coal for Knicks 9
- Clippers, Mavericks, Rockets and Kings reportedly interested in signing Josh Smith 13
- Pistons release Josh Smith. WHAT? 52
- Lakers may give Kobe Bryant some nights off to rest. If he wants them. 27
- PBT’s Sunday Night Winners/Losers: Anthony Davis is playing like an MVP 13
- Sources: Kings prefer George Karl, not serious about hiring Mark Jackson 8
- Nuggets Danilo Gallinari has meniscus tear in right knee, out three weeks after surgery 7
- Rajon Rondo was very Rondoesque in debut with Mavericks (VIDEO) 20