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.
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) March 24, 2020
On Friday I'm reading headlines that the NBA could possibly recoup future player salaries for canceled games.— Rich Ohrnberger (@ohrnberger) March 25, 2020
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) March 24, 2020
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) March 25, 2020
Steve Ballmer: pic.twitter.com/uLvFO6W11k
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.
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.
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.
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.