Steve Ballmer Buys The Forum From MSG For $400M In Cash

Carrie Guzman
March 25, 2020

The Forum itself will continue to operate as a live music venue.

"This is an unprecedented time, but we believe in our collective future", said Ballmer via CBS 2 Los Angeles.

The newly-formed CAPSS LLC will acquire the Forum from The Madison Square Garden Company - and executive chairman James Dolan - for $400MM in cash.

Through the formation of CAPSS LLC, Ballmer and Clippers vice-chairman Dennis Wong reached an agreement to purchase the Forum from the Madison Square Garden Company for $400 million, the Clippers announced in a release.

The completed deal now paves the way for the Clippers to construct their own arena, dubbed the Inglewood Basketball and Entertainment Center, nearby.

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The purchase of the Forum remains subject to closing conditions but is expected to close during the second calendar quarter of 2020. The purchase by Ballmer appears to be the latest effort to allow the Clippers to establish their own identity in the city of Los Angeles. The addition of the Clippers' new project would put four significant arenas - SoFi Stadium contains a 6,000-seat performance venue in addition to the main football stadium - within one mile of each other on Prairie Avenue.

Perhaps the sale of The Forum will kickstart the Knicks' plans to pay MSG staff during the NBA's coronavirus shutdown.

It's official: The legendary home of the Showtime Lakers is about to be owned by the Clippers.

The Forum was the previous home of the Los Angeles Lakers, who played their games there between 1967-1999, winning five of their 16 championships there, before moving to STAPLES Center.

MSG spent a reported $50 million on renovations to the arena and re-opened it as a well-regarded venue primarily used for major concerts and combat sports.

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