Monday, 06 April, 2020


Clippers make official purchase of Forum, clearing way for new arena

Clippers' Steve Ballmer reaches deal to buy The Forum for $400M in cash Clippers owner to buy Forum for $400M, clearing way for team’s new arena
Noah Ferguson | 25 March, 2020, 21:22

Ballmer has been pursuing a new arena for the Clippers since he purchased the team for $2 billion in 2014, moving away from the downtown STAPLES Center, where they've played since 1999, alongside the Los Angeles Lakers and the NHL's Los Angeles Kings.

"This is the best resolution for all parties involved and we wish the new owners every success", the group said in a statement.

The Forum was recently renovated to serve as a music venue and it will remain in tact.

Los Angeles Clippers chairman Steve Ballmer is paying $400 million in cash to buy the Forum arena from the Madison Square Garden Company, the LA Times reported Tuesday. 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.

MSG, which bought the Forum for a reported $23.5 million in 2012, has sued the Inglewood city government, California Gov. Gavin Newsom and the state Legislature in its various attempts to slow the approval process for Ballmer's privately financed arena project, which is now undergoing environmental review.

MSG also argued that the city deceived MSG by convincing it to cede nearby land for the development of a technology park that was ultimately sold to Ballmer.

This is a major move for both the Clippers and New York Knicks owner James Dolan. The project is expected to create 7,500 construction jobs and 1,500 permanent jobs once the complex opens. The team announced that it has a $100MM package of community benefits on the way.

According to the announcement from CAPSS, all current Forum employees will be offered employment under the new owner.

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