March 25, 2020 Comments (0) Views: 933 California News, Los Angeles

Clippers Buy Forum from Madison Square Garden for $400M

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The Clippers reached an agreement to purchase the Forum in Inglewood from Madison Square Garden Co. for $400 million. The newly-formed CAPSS LLC was driven by L.A. Clippers Chairman Steve Ballmer and L.A. Clippers Vice Chairman Dennis Wong.

The cash deal ends a long-running legal skirmish with an opponent that had fought to block plans for a new privately-financed NBA arena. The proposed state-of-the-art, 18,000-seat basketball arena, team HQ complex and community center would be located on West Century Boulevard. The project is currently undergoing an environmental review by the City of Inglewood.

“This is an unprecedented time, but we believe in our collective future,” said Ballmer. “We are committed to our investment in the City of Inglewood, which will be good for the community, the Clippers, and our fans.”

All of MSG’s current Forum employees will be extended employment offers by the new owner, and the facility will continue to be operated as a live-music venue.

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