Steve Ballmer Buys The Forum in
Inglewood for $400M|
CAPSS LLC has reached an agreement
with The Madison Square Garden to purchase The Forum in Inglewood, which
will continue to operate as one of the premier live-music venues in the
United States. The formation of CAPSS LLC and the acquisition of the
Forum were driven by L.A. Clippers Chairman Steve Ballmer and L.A.
Clippers Vice Chairman Dennis Wong.
By reaching an agreement with MSG, CAPSS LLC will acquire the Inglewood
venue, simultaneously resolving litigation surrounding plans for the new
NBA arena. As part of the agreement, all of MSG’s current Forum
employees will be extended employment offers by the new owner.
This transaction, which remains subject to Hart-Scott-Rodino and other
customary closing conditions, is expected to close during the second
calendar quarter of 2020. CAPSS LLC is purchasing The Forum for $400
million in cash.
The new Clippers arena project would be a privately financed,
state-of-the-art, 18,000-seat basketball arena, team headquarters
complex and community center located on West Century Boulevard between
South Prairie Avenue and South Yukon Avenue. The project is currently
undergoing an environmental review by the City of Inglewood. Public
hearings to approve the project are expected to be held later this
“This is an unprecedented time, but we believe in our collective
future,” said Ballmer. “We are committed to our investment in the City
of Inglewood, which will be good for the community, the Clippers, and
The Forum and the new Clippers arena under the same ownership will allow
for coordinated programming between the two venues, improving traffic
congestion around basketball games and concerts.
“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
The L.A. Clippers’ new arena will create an estimated 7,500 high-paying
construction jobs and 1,500 permanent jobs once the complex is open. In
addition to the economic and civic benefits, the Clippers have proposed
a $100 million package of community benefits.