Clippers' Ballmer to purchase the Forum for $400M

Clippers' Ballmer to purchase the Forum for $400M

MSG had argued that the arena would be a competing venue to the Forum, and violate its operating agreements with the city of Inglewood.

"This is the best resolution for all parties involved and we wish the new owners every success", the group said in a statement. The company filed a lawsuit against the city of Inglewood in 2018 after reports that they were seeking to build a new basketball arena for the Clippers.

In a deal that ends a long-running legal war with an opponent that had long fought to block construction of a Clippers arena in Inglewood, team owner Steve Ballmer on Tuesday reached an agreement to purchase the Forum from Madison Square Garden Co. for $400 million in cash, according to terms obtained by The Times.

MSG Entertainment controls live events at Madison Square Garden, which includes The Theater at Madison Square Garden and the Garden itself.

Los Angeles Clippers owner Steve Ballmer has a brand-new asset, albeit one that's been around for almost half a century. The addition of the Clippers' new project would put four significant arenas - SoFi Stadium contains a 6,000-seat performance venue in addition to the main football stadium - within one mile of each other on Prairie Avenue.

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.

It will allow the Clippers to play in their own building, rather than sharing with the Los Angeles Lakers at the Staples Center.

MSG spent a reported $50 million on renovations to the arena and re-opened it as a well-regarded venue primarily used for major concerts and combat sports.

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