Clippers owner buys The Forum for $400M in cash
via: LA Times.

The Los Angeles Clippers owner, Steve Ballmer has reached an agreement to purchase The Forum in Inglewood, through a new company, for $400 million in cash from The Madison Square Garden Company.

The Forum though, will continue to operate as a live-music venue and all current Forum employees will be extended offers to continue to work.

Steve Ballmer is in the process of trying to build a $1 billion stadium for the Clippers near the Forum, which has triggered multiple lawsuits. Purchasing the Forum removes one big obstacle in Ballmer’s pursuit of his proposed arena according to Los Angeles Times. 

"This is an unprecedented time, but we believe in our collective future," Ballmer said. "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 also said in a news release that the new arena will create an estimated 7,500 "high-paying construction jobs" and 1,500 permanent jobs once the complex is open. The Clippers also say they have proposed a $100 million package of community benefits.

The team also says MSG's current Forum employees "will be extended employment offers by the new owner" as part of the agreement.

The 1999, the Clippers joined the Lakers and Los Angeles Kings in the new Staples Center. Seems that at last, they will be moving out of Dowtown LA.