Clippers buy Forum, eye own court.
The Clippers ended a legal fight with the Knicks. The Clippers also moved one step closer toward no longer needing to share the same arena as the Lakers in Los Angeles.
That is because the Clippers reached an agreement on Tuesday to purchase The Forum from Madison Square Garden Co. for $400 million in cash. The Clippers eventually plan to build a privately financed arena in Inglewood next to the Forum, which will continue to operate as a live music venue.
“This is an unprecedented time, but we believe in our collective future,” Clippers owner Steve 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.”
The Clippers said the purchase will be finalized during the 2020 second quarter through a new entity, CAPSS LLC. They also said that its eventually built privately financed arena will feature 18,000 seats, a team complex and a community center located on West Century Boulevard between South Prairie Avenue and South Yukon Avenue. Public hearings to approve the project are expected to take place this summer.
MSG, whose executive chairman is Knicks owner James Dolan, had blocked the Clippers’ efforts to have a privately funded arena in Inglewood in three different lawsuits. Those lawsuits are now expected to be dropped.
“We are looking forward to putting the legal issues behind us,” the Clippers said in a statement to USA TODAY Sports and ESPN. “This will allow us to focus on delivering world-class experiences for music fans and building a new arena that will provide a unique environment and a true home court advantage for Clippers fans.”
The Clippers have played at Staples Center since the arena opened in downtown Los Angeles in 1999, but they also share the venue with the Lakers, the NHL’s Kings and the WNBA’s Sparks. Not only will the Clippers expand their earning power and scheduling flexibility with their own arena, but by building the arena near the Forum under same ownership they can coordinate events among the two venues and reduce traffic congestion. The Clippers added its new arena will create an estimated 7,500 construction jobs and 1,500 permanent jobs once the complex opens. The Clippers also have proposed a $100 million package in community benefits.
“We know traffic is something that many Inglewood residents worry about,” Chris Meany, a principal of Wilson Meany and the developer overseeing the Clippers’ arena, said in a statement. “While we have gone to great lengths to provide an unprecedented traffic-management plan for the new basketball arena, this acquisition provides a much greater ability to coordinate and avoid scheduling events at the same time at both venues.”