Updated March 26th, 2020 at 12:38 IST
Clippers owner Steve Ballmer buys Forum from MSG in massive $400 million cash deal: Report
Steve Ballmer buys Forum: Ballmer had been trying to acquire the Forum from MSG for months, wanting to build the Los Angeles Clippers own arena in California.
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Steve Ballmer had been reportedly trying to acquire the Forum from MSG for months, wanting to build the LA Clippers' own arena. On Wednesday (Thursday morning IST), Clippers owner Steve Ballmer bought the Forum from MSG. Ballmer bought the venue situated in Inglewood, California, for $400 million in cash.
Also read | Clippers owner Steve Ballmer in negotiations to buy The Forum from MSG: Reports
Clippers owner Steve Ballmer buys Forum: The Forum worth $400 million sold to Steve Ballmer
LA Clippers Chariman Steve Ballmer and Vice Chairman Dennis Wong have announced the purchase of the Forum from MSG, via CAPSS LLC. pic.twitter.com/UJ75zPueuE
— Tomer Azarly (@TomerAzarly)
Also read | Clippers owner Steve Ballmer to buy Forum, clearing way for new Clippers arena
Clippers owner Steve Ballmer buys Forum: Twitter reacts to Steve Ballmer buying the Forum worth $400 million
On Friday I'm reading headlines that the NBA could possibly recoup future player salaries for canceled games.
— Rich Ohrnberger (@ohrnberger)
Today, Steve Ballmer, Clippers owner... BOUGHT THE LA FORUM FOR $400 MILLION.
...explain to me why the owners need to withhold player salaries??
Wow, Steve Ballmer announces he is straight-up buying the Forum for $400 million in cash.
— Greg Beacham (@gregbeacham)
That means the Clippers' new arena is going to happen.
Ballmer says he'll keep the Forum in business as a live music venue, and everybody who works there will get a job offer.
Forum: “That’ll be $400 million!”
— Josiah Johnson (@KingJosiah54)
Steve Ballmer: pic.twitter.com/uLvFO6W11k
Steve Ballmer buys Forum worth $400 million, one steps closer to build Clippers arena
Ballmer made his purchase in the middle of the coronavirus outbreak. In his statement, Ballmer accepted that though they bought the Forum at an 'unprecedented time', he believes in everyone's collective future. Ballmer further emphasised his commitment to their investments in the city of Inglewood, which he believes are good for the community as well. The current NBA season has been suspended indefinitely due to the coronavirus pandemic.
Also read | NBA players, owners determined to save ongoing season "no matter what": Report
Clippers owner Steve Ballmer buys Forum: Ballmer was negotiating the deal for over a month
Three weeks ago, there were rumours about Ballmer negotiating a deal with MSG. Back then, the Clippers owner did not confirm his intentions but did speak about the fact that he plans on building a state-of-the-art basketball arena. The venue will continue to be used for music concerts, while a court and other facilities for the Clippers will be developed.
Steve Ballmer buys Forum: MSG and Ballmer's legal battle
The Forum, MSG and the Knicks were involved in a protracted legal battle with Inglewood and Steve Ballmer for almost two years over Ballmer's parcel of land, which is a mile away from the Forum. According to MSG, Inglewood violated their agreement of promoting competition to the Forum by working with the LA Clippers. They even accused the city of convincing them to cede land near the Forum for a technology park and ultimately selling it to Steve Ballmer in an alleged back-room deal. As per the recent statement, all litigation revolving the arena will be resolved.
Steve Ballmer net worth: How did Steve Ballmer make his money?
According to CNBC, the Steve Ballmer net worth section clocks in somewhere around $40.7 billion. Ballmer dropped out of Stanford when he was 24 to work with Bill Gates in his startup – Microsoft. Though his parents were not entirely supportive of his decision, Ballmer joined Microsoft as an assistant. When he retired from Microsoft in 2014, he did so as the CEO.
Also read | How did Steve Ballmer make his money?: Steve Ballmer net worth
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Published March 26th, 2020 at 12:38 IST