CAPPS LLC, which was formed by Los Angeles Clippers Chairman Steve Ballmer and Vice Chairman Dennis Wong, on Tuesday acquired The Forum from Madison Square Garden Co. for $400 million cash, clearing the path for the construction of a new Clippers arena.
The acquisition of the venue based in Inglewood, Calif. will end the Clippers' legal tussle with MSG over the teams' plans to construct a National Basketball Association arena.
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The arena will seat up to 18,000 people and serve as the team headquarters complex and community center. The project is expected to create 7,500 construction jobs and 1,500 permanent jobs once the complex opens.
The Forum and the arena will fall under the same ownership and allow for "coordinated programming" between the venues, according to a release.
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The Forum will continue to operate as a live-music venue. Per the agreement, current Forum employees will be given employment offers by the new owner.
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The deal is expected to close in the second quarter.
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