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

Jack Kent Cooke outside the under-construction Forum in 1967.			Harold Filan  AP  Shutterstock

Jack Kent Cooke outside the under-construction Forum in 1967. Harold Filan AP Shutterstock

"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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