INGLEWOOD (CBSLA) — Clippers owner Steve Ballmer Monday completed the purchase of the Forum in Inglewood as the team continued its effort to build a new arena nearby, allowing it to move out of the Staples Center.
The famed venue was purchased from Madison Square Garden Co. by a newly created company called CAPSS LLC, a joint venture of Ballmer and Clippers Vice Chairman Dennis Wong.READ MORE: Possible Thunderstorms Brewing Above Inland Empire, Mountain Areas
The $400 million purchase resolved legal challenges mounted by MSG against Ballmer’s plan to build a new arena for the Clippers just blocks away from the Forum. MSG had sued the Clippers and the city of Inglewood, saying the new arena would represent a competing venue, violating its operating agreements with the city.
The Forum will be managed by the newly created Forum Entertainment LLC and will continue to operate primarily as a music venue, with most employees keeping their jobs.READ MORE: 15 LAPD Officers Awarded The Medal Of Valor, The Department's Highest Honor
“We are excited the welcome The Forum to our family,” Gillian Zucker, president of business operations for the Clippers, said in a statement. “The talented team at The Forum has created a world-class live entertainment venue, and we are committed to building upon that reputation.”
According to the Clippers, public hearings on the new area will begin this summer.MORE NEWS: 4 Teen Girls Arrested For Racist Graffiti In Thousand Oaks, Using Ethnically Derogatory Language Against Other Children
(© Copyright 2020 CBS Broadcasting Inc. All Rights Reserved. City News Service contributed to this report.)