Steve Ballmer, owner of the Los Angeles Clippers, has purchased the prestigious Forum arena in Inglewood for $400 million.
According to Deadline, Ballmer’s purchase of the Forum, previously owned by MSG, is the latest step in the process of building a new arena, so the Clippers no longer have to share the Staples Center with the Los Angeles Lakers.
“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 all-cash purchase also ends MSG’s lawsuit against the Clippers in an attempt to stop the NBA team from building a $1 billion arena on Century Boulevard between Prairie Avenue and Yukon Avenue, just blocks away from the Forum, the outlet reports.⠀⠀
The area is proposed as the Inglewood Basketball and Entertainment Complex.
The Forum will still be a concert venue, and current employees of the arena under MSG will be given the opportunity to work under the new owners.⠀⠀⠀⠀⠀⠀
The Forum previously underwent a $50 million renovation in 2012, reopening in 2014.
The Clippers moved from San Diego to L.A. in 1984, where they played at the Sports Arena until relocating to the Staples Center in 1999.
The deal made through CAPSS LLC will be finalized later this year.