Clippers will buy The Forum for $400 million so they can build a new arena in Inglewood

The owners of the Los Angeles Clippers will buy The Forum concert venue in Inglewood for $400 million as part of a settlement agreement with Madison Square Garden Co..

The agreement ends years of legal battles that threatened the feasibility of a proposed $1.2 billion Clippers arena in the city. That 18,000-seat arena will still move forward.

Under the newly formed CAPSS LLC, the Clippers’ owners pledged to continue to operate the historic music venue — the former home of the Los Angeles Lakers and Kings — and offered to hire all of its current employees, according to a press release Tuesday.

“This is an unprecedented time, but we believe in our collective future,” said Steve Ballmer, the chairman of the L.A. Clippers. “We are committed to our investment in the City of Inglewood, which will be good for the community, The Clippers, and our fans.”

A spokesman said the new ownership will improve potential traffic congestion in the corridor by allowing coordinated programming between The Forum and the proposed arena.

“We know traffic is something that many Inglewood residents worry about. While we have gone to great lengths to provide an unprecedented traffic-management plan for the new basketball arena, this acquisition provides a much greater ability to coordinate and avoid scheduling events at the same time at both venues,” said Chris Meany, a principal of Wilson Meany, the developer overseeing the new basketball arena project.

Madison Square Garden Co, which bought The Forum for $23.5 million in 2012 and invested $100 million in renovations, has waged an all-out war to try to stop the Clippers from coming to the city. MSG sued Inglewood and its mayor, James T. Butts Jr., in 2018, alleging he tricked the company’s executives into giving up their rights to the land slated for the proposed arena.

As part of the settlement agreement, MSG will drop that lawsuit and others challenging the project. The Inglewood City Council signed off on the settlement at its meeting Tuesday.

“The city of Inglewood is overjoyed to welcome Steve Ballmer as the new owner and operator of the Fabulous Forum,” Butts said in a statement Tuesday. “He’s a true community partner.”

The purchase is expected to close during the second quarter of 2020, according to the Clippers. The team, which currently plays at Staples Center, plans to have the arena ready by the 2024 season.

This story is developing. Check back for updates.

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