Clippers Owner Agrees to Buy the Forum in a Deal With M.S.G.

Steve Ballmer, the owner of the Los Angeles Clippers, reached an agreement on Tuesday to buy the Forum arena in Inglewood, Calif., from the Madison Square Garden Company for $400 million in cash. The deal would bring a halt to months of legal wrangling with James L. Dolan, the chief executive of the company and the owner of the Knicks.

The purchase, announced by the Clippers, removes perhaps the biggest hurdle in Ballmer’s long-held plans to build a privately financed 18,000-seat arena near the Forum, which the Clippers intend to keep open as a music venue. The Clippers hope to receive city approval this summer to begin construction on what they plan to call the Inglewood Basketball and Entertainment Complex, which will house their new arena as well as additional facilities for the team and a community center.

The deal to acquire the Forum, the Clippers said, is expected to close by the end of June while “simultaneously resolving litigation surrounding plans for the new N.B.A. arena.” Madison Square Garden was part of multiple lawsuits to try to block the arena project, and ESPN reported this month that one lawsuit that remained active — by the community group IRATE (Inglewood Residents Against Takings and Evictions) — had been funded in part by M.S.G.

“This is the best resolution for all parties involved, and we wish the new owners every success,” M.S.G. said in a statement on Tuesday night.

Article source: https://www.nytimes.com/2020/03/24/sports/basketball/clippers-dolan-ballmer-msg.html