In a deal that ends a long-running legal war with an opponent that had long fought to block construction of a Clippers arena in Inglewood, team owner Steve Ballmer on Tuesday reached an agreement to purchase the Forum from Madison Square Garden Co. for $400 million in cash, according to terms obtained by The Times.
The purchase will be made through a new entity, CAPSS LLC, and is expected to close during the 2020 second quarter. The Forum will continue to operate as a live-music venue and all current Forum employees will be extended offers to continue to work by CAPSS.
The deal will also resolve litigation brought by MSG, whose executive chairman is New York Knicks owner James Dolan, to block the Clippers’ proposed privately funded, billion-dollar arena along West Century Boulevard. Plans call for the arena to be built as part of a larger complex dubbed the Inglewood Basketball and Entertainment Complex.
MSG was part of three lawsuits trying to block the arena project led by Murphy’s Bowl LLC, a Clippers-backed entity developing the project. A community group whose legal fees are being paid by MSG also has one pending suit and another it is appealing. Murphy’s Bowl countersued MSG last year.
“This is an unprecedented time, but we believe in our collective future,” Ballmer 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.”