Los Angeles Clippers owner Steve Ballmer has come to an agreement with The Madison Square Garden Company to purchase The Forum in Inglewood, CA. The deal is worth an estimated $400 million in cash and will remain as a music venue, as well as pave the way for the franchise to build a new arena in the area.
Ballmer was looking to build a new state-of-the-art, 18,000 seat venue for the Clippers.
MSG was caught up in a lawsuit with the city of Inglewood and Ballmer over building a new arena near The Forum for years, but the recent purchase puts aside the litigation.
Ballmer had this to say about the news:
“This is an unprecedented time, but we believe in our collective future. We are committed to our investment in the City of Inglewood, which will be good for the community, the Clippers, and our fans.”
The new arena will provide 1,500 permanent jobs and 7,500 high-paying construction jobs.