LOS ANGELES (AP) Los Angeles Clippers owner Steve Ballmer is buying the Forum for $400 million, ending the billionaire's legal fight with the Madison Square Garden Company and clearing the way to build a new arena for his NBA team down the street in Inglewood, California.
Ballmer announced his cash purchase of the venerated arena Tuesday. Ballmer, the former Microsoft executive, and Clippers vice chairman Dennis Wong are making the transaction through CAPSS LLC, a newly formed entity that will continue to operate the Forum as a live music venue.
"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."