Courtesy of TBO.com:
"We were going to announce it next week. But this Magic offer came along this week, and Billy was intrigued. Believe me, our contract situation had nothing to do with Billy's decision. He's taking this job because the time is right for him."
Foley said he felt the Magic also had perfect timing. Four of Donovan's Gators starters had declared for the upcoming NBA draft.
"If this had been three years ago, he doesn't take the job," Foley said. "The Magic hit him at the perfect time. I think he felt that if he were ever going to do it, now was the time.
"Billy never made a secret that the NBA has always intrigued him. The fact that this NBA job is in Florida and that he thinks he can win in Orlando were big factors. I also think the college lifestyle and the recruiting had begun to wear on him."
Also from this article comes this note on the new head coaching search: