Donovan New Coach of Orlando Magic

Donovan leaving Florida to coach Orlando Magic

ORLANDO, Fla. (AP) -- Rich history wasn't enough to lure Billy Donovan away from Florida. In the end, it was just riches.

Donovan will have plenty of them after he was hired to coach the Orlando Magic on Thursday. The team confirmed the hiring Thursday night and scheduled a news conference for Friday morning.

Donovan agreed to a five-year deal paying $5.5 million annually, an official in the NBA told The Associated Press.

"Billy Donovan is a winner," general manager Otis Smith said in a statement. "We feel he is the right person to develop and maximize the talents of our players. We look forward to Billy leading us to the next level."

The Magic scheduled a news conference for Friday morning.

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It certainly wasn't as sexy as their first choice, but the wildest, wackiest coaching search in their history has ended.

The Magic signed Stan Van Gundy early Thursday morning to coach the team, only hours after officially divorcing Billy Donovan.

Van Gundy was the runnerup choice to Donovan, but became the Magic's go-to coach after Donovan bailed on a five-year, $27.5 million deal last weekend.

Van Gundy made the Magic nervous, as he had a standing offer to coach the Sacramento Kings. He flew out to Sacramento with his wife, Kim, on Wednesday to look around the area, but wanted to coach the Magic all along.