Clippers owner Ballmer buys the Forum from MSG for $400M

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Clippers' Steve Ballmer reaches deal to buy The Forum for $400M in cash

The Forum deal also settles MSG's long-running lawsuit that aimed to block the Clippers planned $1 billion arena to be built on Century Boulevard between Prairie Avenue and Yukon Avenue, just blocks from the Forum.

"This is the best resolution for all parties involved and we wish the new owners every success", the group said in a statement. "We are committed to our investment in the City of Inglewood, which will be good for the community, the Clippers, and our fans".

Owner Steve Ballmer, through his company CAPSS LLC, has reached an agreement with Madison Square Garden purchase The Forum in Inglewood, California in a deal worth $400 million, the team announced.

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MSG also argued that the city deceived MSG by convincing it to cede nearby land for the development of a technology park that was ultimately sold to Ballmer.

Ballmer, the former Microsoft executive, and Clippers vice chairman Dennis Wong are making the cash purchase through a newly formed corporation that will continue to operate the Forum as a live music venue. Public hearings to approve construction of the building are expected to happen later this year.

The arena will seat up to 18,000 people and serve as the team headquarters complex and community center.

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"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.

According to the announcement from CAPSS, all current Forum employees will be offered employment under the new owner.

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