Rich DeVos attended Wednesday night's preseason game and acknowledged that his days as majority owner of the Orlando Magic are ending.

DeVos confirmed to the Orlando Sentinel that ownership of the team will be transferred to his children and that Bob Vander Weide, his son-in-law and team president, will represent the Magic as their owner.

The family wanted the paperwork on the transfer to be completed this month, but it likely will take until the end of the year.

"We have to start preparing for the next stage in life," DeVos said before the Magic beat Maccabi Tel Aviv 93-79 at TD Waterhouse Centre.

Club sources indicate that DeVos will still have about a 30 percent stake in the team. The second generation -- sons Dick, Doug and Dan and daughter, Cheri -- will have the controlling interest.