Madison Square Garden Company to sell LA Forum
The Madison Square Garden Company (MSG) has reached a deal to sell the Forum, the 18,000-capacity arena in Inglewood, Los Angeles, to Steve Ballmer, the billionaire owner of basketball team the LA Clippers, for US$400 million in cash.
MSG – which also operates the famous Madison Square Garden in New York, and is developing cutting-edge ‘Sphere’ arenas in Las Vegas and London – has long been opposed to Ballmer’s plans to build a new arena for the Clippers in the vicinity of the Forum (pictured), and formerly accused Inglewood mayor James Butts of colluding with the Clippers to secretly acquire a plot of land from MSG for the venue.
The purchase, which is expected to close in the second quarter of 2020, resolves all litigation between MSG and Ballmer/the Clippers, reports the Los Angeles Times.
“This is the best resolution for all parties involved”
Ballmer, formerly CEO of Microsoft, reportedly plans to build a new, privately financed 18,000-seat arena for the Clippers, while continuing to operate the Forum as a concert venue.
“This is the best resolution for all parties involved and we wish the new owners every success,” MSG says in a statement.
“We are looking forward to putting the legal issues behind us,” add the 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.”