The Los Angeles Clippers should soon have a home of their own as owner Steve Ballmer has agreed to purchase The Forum in Inglewood, California, from New York Knicks owner James Dolan for $400 million in cash.
The team announced as much in a press release on Tuesday, per NBC, with the agreement revealed to be between Balmer’s newly-formed company, CAPSS LLC, and the Madison Square Garden Company owned by Dolan.
“This is an unprecedented time, but we believe in our collective future,” Ballmer said in the press release. “We are committed to our investment in the City of Inglewood, which will be good for the community, the Clippers, and our fans.”
This agreement should mark the end of a legal battle between MSG and the Clippers over the building of a new arena in close proximity to The Forum. Dolan had accused the city of Inglewood of violating agreements between them and MSG relating to a new arena and land that was sold to Ballmer but never offered to Dolan’s company.
“By reaching an agreement with MSG, CAPSS LLC will acquire the Inglewood venue, simultaneously resolving litigation surrounding plans for the new NBA arena,” the release reads.
The purchase is expected to be completed by the second quarter of this year; The Forum will continue to serve as a live-music venue for the time being.
Once the agreement goes through, Ballmer will look to begin construction on a new, privately-funded Clippers arena project capable of accommodating 18,000 fans when complete. Of course, plans will be contingent on the way things shape up as it pertains to the current coronavirus pandemic.