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.

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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.

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“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.

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(© Copyright 2020 CBS Broadcasting Inc. All Rights Reserved. City News Service contributed to this report.)