Orlando, FL (Sports Network) - The Orlando Magic released a statement on Wednesday night, confirming that they will allow Billy Donovan to back out of the five-year contract he signed so he can return to the University of Florida. "As our signing of Billy Donovan showed, we are committed to winning a championship," the statement said. "We have the legal right to hold Billy to the contract he signed, but with him having a change of heart about leaving college basketball, we want him at the University of Florida. We have granted him permission to break his commitment and return to the Gators." Donovan signed a lucrative five-year deal to coach the Magic on Friday, but almost immediately regretted the decision and spent the next several days trying to get out of his contract. According to reports, the Magic wanted to ensure that Donovan would not coach another NBA team for the next five years before breaking the contract. In Gainesville, Donovan compiled a 261-103 mark over 11 seasons, leading the Gators to the national championship the last two years and a championship game appearance in 2000.