Los Angeles Clippers owner Steve Ballmart just made a huge purchase to add to his collection of assets after agreeing to buy Inglewood’s The Forum for $400 million from MSG.
The all-cash purchase, which was made through the new CAPSS LLC, will close in the second quarter. The deal settles MSG’s long-running lawsuit which would block the Clippers’ planned $1 billion arena to be built on Century Boulevard between Prairie Avenue and Yukon Avenue. This proposed privately funded venue would be a part of the Inglewood Basketball and Entertainment Complex. The deal also comes amid Ballmer’s plans to build a new arena for his NBA team.
“This is an unprecedented time, but we believe in our collective future,” Ballmer said in a statement. “We are committed to our investment in the city of Inglewood, which will be good for the community, the Clippers and our fans.”
The Forum, which opened back in 1967, is an iconic venue in California, known for hosting huge rock acts like The Rolling Stones and Queen, as well as the heavyweight title match between Muhammad Ali and Ken Norton back in 1973. In 2012, the building was bought by MSG and underwent a $50 million restoration. After reopening in 2014, it featured a series of six sold-out concerts by The Eagles.
It is still a staple in the music community; this year, it is set to host artists like Pearl Jam, Rage Against The Machine, Billie Eilish, Elton John, and Journey.