Clippers owner Steve Ballmer has agreed in principle to purchase the Forum in Inglewood, California, which is a necessary step for the franchise to build a new arena in the area, as Ohm Youngmisuk of ESPN.com writes.
The newly-formed CAPSS LLC will acquire the Forum from The Madison Square Garden Company – and executive chairman James Dolan – for $400MM in cash. The Forum will remain a music venue, but Ballmer’s purchase allows him to clear the existing litigation that was preventing an arena from being built nearby.
“This is an unprecedented time, but we believe in our collective future,” Ballmer said in the news release. “We are committed to our investment in the City of Inglewood, which will be good for the community, the Clippers, and our fans.”
The Clippers, who have shared the Staples Center with the Lakers since 1999, intend to build a state-of-the-art, 18,000-seat arena in Inglewood, notes Youngmisuk. Public hearings to approve construction of the building are expected to happen later this year.
The franchise anticipates creating an estimated 7,500 “high-paying construction jobs” and 1,500 permanent jobs, Youngmisuk added. The team announced that it has a $100MM package of community benefits on the way.