Clippers complete purchase of Forum
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[May 05, 2020]
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.
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Former Microsoft chief executive officer Steve Ballmer speaks to The
Economic Club of New York in New York City, New York, U.S., April
18, 2017. REUTERS/Mike Segar
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
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