Los Angeles Clippers
Clippers’ Steve Ballmer Purchasing Forum for $400 Million Cash
Los Angeles Clippers’ owner Steve Ballmer has reportedly reached an agreement to purchase the Forum located in Inglewood, California, which will clear the way for the Clippers to build a brand new arena in the area, according to ESPN’s Ohm Youngmisuk.
The Clippers officially announced the that the newly formed CAPSS LLC reached the agreement with The Madison Square Garden Company, which owned the Forum, for $400 million in cash in a deal that eliminated the existing litigation that prevented Ballmer from building a new home for the Clippers.
The Forum, which is a music venue, will remain a music venue, but the deal opens the door for a new state-of-the-art, 18,000 seat arena that will allow the Clippers to play exclusively.
“This is an unprecedented time, but we believe in our collective future,” Ballmer said in a news release. “We are committed to our investment in the City of Inglewood, which will be good for the community, the Clippers, and our fans.”
MSG also own the New York Knicks, and had been in a legal battle with the city of Inglewood and Ballmer over the building of a new arena in such close proximity of the Forum, with MSG executive chairman James Dolan alleging that the city of Inglewood violated an agreement not to allow competition to the Forum in such close proximity by working with the Clippers on the aforementioned arena.
Now, all paths appear to be clear.
“By reaching an agreement with MSG, CAPSS LLC will acquire the Inglewood venue, simultaneously resolving litigation surrounding plans for the new NBA arena,” MSG’s official release said.
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, and have stated that owning a new arena and the Forum will help in alleviating traffic congestion.
Additionally, MSG’s current Forum employees “will be extended employment offers by the new owner” as part of the agreement.
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