The Los Angeles Clippers officially announced the purchase of The Forum from Madison Square Garden Entertainment Corp. for $400 million, which clears the way for the team to move forward with building their new arena in Inglewood.
Ballmer’s CAPSS LLC completed the purchase of the L.A. Lakers’ former home, and a newly-formed Forum Entertainment LLC will operate the arena as a live music venue with the existing leadership team remaining in place.
“We are excited to welcome The Forum to our family,” Clippers president of business operations Gillian Zucker said in a released statement. “The talented team at The Forum has created a world-class live entertainment venue, and we are committed to building upon that reputation.
“Having The Forum just a short distance from the L.A. Clippers’ new arena will give us the opportunity to provide the City of Inglewood with a number of benefits, including a collaborative approach to managing traffic and community activities.”
We hope this finds everyone safe and healthy.
.@LAClippers Chairman Steve Ballmer and his business partner, Dennis Wong, recently finalized the acquisition of the Forum. We assure you that everything you love about this venue will remain. (1/3) pic.twitter.com/iVEB52R40Z
— The Forum (@theforum) May 4, 2020
There are no current plans to change the operations of the Forum.
Both the Forum and the Clippers share a deep respect for talent and strive every day to provide the best event experience for fans and partners. (2/2)
— The Forum (@theforum) May 4, 2020
Maintaining the connection between guests and the music will keep the Forum as the most elite venue on the West Coast. (3/3)
If you have any questions about specific events at the Forum, please visit: https://t.co/Mcv0FpLYpE
— The Forum (@theforum) May 4, 2020
MSG, which owns the New York Knicks, had been mired in a legal dispute with the city of Inglewood and Ballmer over the Clippers looking to build their new arena in close proximity to where the Showtime Lakers took the NBA by storm.
The Clippers hope to break ground on their 18,000-seat arena by 2021 and open it in 2024.
MSG executive chairman and CEO James Dolan alleged Inglewood violated an agreement not to allow competition. Ballmer reached an agreement in March to purchase the iconic arena from MSG.
The Lakers played their final season at The Forum in 1998-1999. They returned to Inglewood on occasion for preseason games and reportedly were approached to gauge interest in leaving Staples Center for their original L.A. home.
