Steve Ballmer Buys The Forum From MSG For $400M In Cash

The Forum in Inglewood former home to the Lakers and Kings

The Forum, formerly the home of the Los Angeles Lakers, has been renovated since their move to Staples Center to be used largely as a concert venue and will remain so, Ballmer said.

The new owners are spinning the idea that having the Forum and the new Clippers arena - which are both near the nearly-completed new home of the Los Angeles Rams and Chargers - under the same management can help them mitigate traffic issues in the area.

Steve Ballmer, the owner of the Los Angeles Clippers, reached an agreement Tuesday to buy the Forum arena in Inglewood, California, from the Madison Square Garden Co. for $400 million in cash. New York Knicks owner James Dolan, who owns MSG, previously fought against the proposed development, largely because of the increased competition the Forum would have faced. There were several lawsuits, including two by community groups, attempting to block the construction of the arena.

The deal allows Ballmer, the former Microsoft CEO who paid $2 billion to buy the Clippers in 2014, to move forward with plans to build a new arena for the National Basketball Association franchise.

The arena project is now undergoing an environmental review by Inglewood, and public hearings to approve the arena are expected to be held later this summer, according to the Clippers.

The arena will seat up to 18,000 people and serve as the team headquarters complex and community center.

The Clippers said the arena will create an estimated 7,500 "high-paying construction jobs" and 1,500 permanent jobs once the complex is open.

The Clippers said the purchase of the Forum will be made through a new entity, CAPSS LLC, and is expected to close during the 2020 second quarter.

According to the announcement from CAPSS, all current Forum employees will be offered employment under the new owner.

Related:

Comments


Other news