Clip­pers’ owner buy­ing Fo­rum for $400M

Richmond Times-Dispatch - - MARKETPLAC­E -

In a deal that ends a long-run­ning le­gal war with an op­po­nent that had long fought to block con­struc­tion of a Los An­ge­les Clip­pers arena in In­gle­wood, Calif., 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 Los An­ge­les Times.

The pur­chase is ex­pected to close dur­ing the 2020 sec­ond quar­ter. The Fo­rum will con­tinue to op­er­ate as a live-mu­sic venue.

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.

The newly in­stalled pres­i­dent and chief ex­ec­u­tive of­fi­cer of the U.S. Soccer Fed­er­a­tion used her first news con­fer­ence to say that set­tling a law­suit filed by women’s na­tional team play­ers is the fed­er­a­tion’s top pri­or­ity. “A lot of dam­age has been done, and I think we are go­ing to have to re­build that trust and re­build the re­la­tion­ship, and it’s not go­ing to hap­pen overnight,” Cindy Par­low Cone said. “It’s go­ing to take a lot of ef­fort and time and en­ergy for the U.S. Soccer side to re­build that trust.” Play­ers claim they have not been paid equally to the men’s na­tional team and asked for more than $66 mil­lion in dam­ages un­der the Equal Pay Act and the Civil Rights Act of 1964. A trial is sched­uled for May 5 in fed­eral court in Los An­ge­les.

The Carolina Hur­ri­canes agreed to en­try-level con­tracts with broth­ers David and Ja­son Cot­ton. The for­wards closed col­lege ca­reers this sea­son.

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