Steve Ballmer finalized his $400 million purchase of the Forum in Inglewood, Calif., on Monday, allowing the Los Angeles Clippers to move closer to building their new arena in the neighborhood.
CAPSS LLC, formed recently by Clippers owner Ballmer, bought the Los Angeles Lakers’ former home from Madison Square Garden Entertainment Corp.
MSG, which also owns the New York Knicks, and the Clippers had been engaged in lengthy litigation over the latter’s plans to construct another NBA venue in the area.
While the Clippers intend to build an 18,000-seat arena at a cost of more than $1 billion, they will retain the slightly smaller Forum as a music-only venue. The newly formed Forum Entertainment LLC will run the Fourm.
“We are excited to welcome The Forum to our family,” Clippers president of business operations Gillian Zucker said in a press release. “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.”
The new Clippers arena is slated to be built directly across from SoFi Stadium, the new home of the Los Angeles Rams and Chargers that is scheduled to open later this year.
The area once was home to the Lakers and the NHL’s Kings at The Forum along with the now-closed Hollywood Park thoroughbred racetrack, but it hasn’t hosted major sports in two decades.
Ballmer, 64, purchased the Clippers for $2 billion in 2014. The former Microsoft CEO is the NBA’s richest owner with a $66.6 billion net worth, according to Forbes, far ahead of the second-richest person on the list, Brooklyn Nets owner Joseph Tsai ($11.5 billion).
–Field Level Media