The Clippers organization has reached an agreement to purchase The Forum in Inglewood, Calif. from The Madison Square Garden Company for $400 million cash.
The iconic venue will continue to host concerts while plans for a “fan-focused community project” that includes a NBA arena and team headquarters, also move forward.
The new NBA project, which is privately financed, will house an 18,000-seat basketball arena (comparable to the Forum’s seating capacity) and be located on West Century Boulevard between South Prairie Avenue and South Yukon Avenue.
The creation of a new entity, CAPSS LLC, was spearheaded by L.A. Clippers chairman Steve Ballmer and vice chairman Dennis Wong.
Read more on variety.com