Under Forsyth, the Magic have struggled on the national stage with just a 40 per cent win rate from two seasons. Having been among the powerhouses of the competition, the Magic finished fifth this season — the lowest placing in their 11-year history — with only five wins from 15 games.
Forsyth, however, backed her coaching and said she had a three-year plan in mind for the young team that she felt the franchise didn't recognise.
"My vision for the team is it's about growing a young team. I picked up the reins two years ago and didn't have much choice other than grow a young team and in my mind success doesn't happen overnight," she said.
"Success is certainly about results, but success and winning are about personal awareness and personal development ... those were the things important to me as a coach."
Magic chief executive Rohan West said he wanted to thank Forsyth for her commitment in roles which included performance manager, assistant and head coach.
"She is a legend of the game," West said. "We want to thank Margaret for her commitment, passion and knowledge she has brought to the zone."