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.
Must be nice. Meanwhile most Americans are a hospital visit away from bankruptcy.
Stop hating the rich. If you want more money then go make more money. There is literally no one preventing you from doing so.
Except for this economy…
Not a timely philosophy.
Nor a well-formed post!^
Richard there are literally governor’s orders restricting nonessential social activities, and, lots of layoffs overall.
This economic era will have its winners & losers as all do, and having money working for you (in absentia) instead of working for your money is more ideal now than usual.
Wow Richard dangler, not very smart timing there huh
If it was that easy to make money, everyone would be filthy rich. But it’s not. Even in normal times.
If you are committed to it. I know people working full time and still going to school to better themselves.
Yeah the nerve of that rich guy to create 7,500 temporary jobs and 1,500 permanent jobs.
Before this ‘crisis’ there were plenty of opportunities available. You just had to make it happen.
Dolan just ripped you the F off Steve. You’ve been to the Forum, right?
Ballmer don’t care. He makes that in a week. Just one rich guy paying another rich guy off, nothin to see here. If he never builds the stadium he can sell the land piecemeal to developers.
Complaining about the elite, just venting. Vote and make them pay their fare share. Regular folks will always be the majority. In a democracy. That means a lot. About time they get their own arena. Only way to take over LA. Now win
Except we are not in a democracy, never have been. We are a democratic republic. In a democracy, everyone votes on everything. We elect representatives to vote on everything for us. Those representatives are usually the richest of the “regular folks,” because they have the money to afford to stop working and pay for the campaign for the job. It’s probably not going to change in my lifetime, but it will change one day.
“make them pay their fair share”
LMAO what?
In california you pay 13.3% in taxes if you make over 1 million. Highest tax % of any of the brackets.
If you make less than 57,000 a year (single) you pay less than 10%
Federally, they pay 37% in taxes if you make 500,000 or more.
Rich are already paying roughly 50% of their money in taxes to state and federal, depending on state rules.
So what exactly is a “fair” share when they are already paying roughly half?
Ooh, there’s no bread, let ’em eat cake
There’s no end to what they’ll take
Flaunt the fruits of noble birth
Wash the salt into the earth
But they’re marching to Bastille Day
The guillotine will claim her bloody prize
Free the dungeons of the innocent
The king will kneel and let his kingdom rise
– Rush, “Bastille Day”
I’ve never understood those that hate the rich. I’m not rich at all, I’m a teacher, but I have never had I’ll feelings towards the rich.
Hey dynamite drop. He’s giving 25 million towards the coronavirus. How much are you giving?
Those darn rich people.
Dolan bought it for $23+MM in 2012, put $75ish more in and sold it 8 years later for $400MM. Not a bad deal if you can get it.
Dynamitedrop, that’s what I thought. People just want to hate.