Los Angeles Clippers owner Steve Ballmer has a brand-new asset, albeit one that’s been around for nearly half a century. The former Microsoft CEO has agreed to pay $400 million to purchase the Forum in Inglewood from MSG.
The deal clears a big hurdle in Ballmer’s plans to build a new arena for his NBA team, which has shared Staples Center with the Lakers since the building opened in 1999.
The all-cash purchase, made through the new CAPSS LLC, is set to close in the second quarter.
The Forum deal also settles MSG’s long-running lawsuit that aimed to block the Clippers planned $1 billion arena to be built on Century Boulevard.
UDPATED, 2 PM: The Los Angeles Clippers are now official owners of the Forum. Clippers owner Steve Ballmer closed a deal Monday to purchase the Forum from Madison Square Garden Entertainment Corp.…