Clippers buy Forum for $400 million, clearing way for new arena construction

Steve Ballmer Doc Rivers Paul George Kawhi Leonard Clippers

Steve Ballmer Doc Rivers Paul George Kawhi Leonard Clippers

"This will allow us to focus on delivering world-class experiences for music fans and building a new arena that will provide a unique environment and a true home court advantage for Clippers fans", a Clippers spokesperson told TheWrap.

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 Clippers, who have shared the Staples Center with the Lakers since 1999, intend to build a state-of-the-art, 18,000-seat arena in Inglewood, notes Youngmisuk.

The Clippers now share an arena with the Los Angeles Lakers at the Staples Center in Downtown Los Angeles.

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The deal will also resolve litigation brought by MSG, whose executive chairman is New York Knicks owner James Dolan, to block the Clippers' proposed privately funded, billion-dollar arena along West Century Boulevard.

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

MSG purchased The Forum for $23.5 million in 2012. The deal is expected to close next quarter (some time between April-June). 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.

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