Tuesday’s deal resolves litigation brought by The Madison Square Garden Company to halt the Clippers’ proposed brand-new, billion-dollar arena along West Century Boulevard.
The Inglewood Forum — once home to the 1980s Showtime-era Lakers — is now owned by the Los Angeles Clippers.
In a deal announced Tuesday, Clippers owner Steve Ballmer said that he had reached an agreement with The Madison Square Garden Company to buy the Forum for $400 million in cash. To execute the transaction, Ballmer created a new entity called CAPSS LLC. According to a news release, the Forum will continue to operate as a live-music venue and all current Forum employees are being offered employment offers by the Clippers.
Most importantly for Ballmer, Tuesday’s deal resolves litigation brought by The Madison Square Garden Company to halt the Clippers’ proposed privately funded, billion-dollar new arena along West Century Boulevard. That project had been the target of multiple lawsuits over the past several years. It would seem that this deal clears the new stadium’s path.
“We are looking forward to putting the legal issues behind us,” Ballmer said in a statement. “This will allow us to focus on delivering world-class experiences for music fans and building a new arena that will provide a unique environment and a true home court advantage for Clippers fans.”
Plans for the new 18,000-seat arena are currently undergoing an environmental review by the City of Inglewood.
