CAPSS LLC has completed the purchase of The Forum indoor arena in Inglewood, California, from Madison Square Garden Entertainment Corp. in a deal worth $400 million.
The Forum Presented by Chase is the only arena-sized venue in the US dedicated to music and entertainment.
Last year, the Forum hosted nearly 100 events, including some of the most iconic names in music, as well as several special events such as award shows, mixed martial arts, and boxing.
Newly created Forum Entertainment LLC will operate The Forum as a premier, live event venue with the existing leadership team of Geni Lincoln and Mike Fallon remaining in place, reporting to Gillian Zucker, Clippers president of business operations. Zucker said:
We are excited to welcome The Forum to our family. The talented team at The Forum has created a world-class live entertainment venue, and we are committed to building upon that reputation.
Having The Forum just a short distance from the L.A. Clippers’ new arena will give us the opportunity to provide the City of Inglewood with a number of benefits, including a collaborative approach to managing traffic and community activities.
It is expected that all of the venue’s California-based staff will remain as employees of Forum Entertainment LLC, and assist in making the transition seamless for artists, partners and fans.
Meanwhile, the Clippers’ plans for a new, privately financed, fan-focused NBA arena in Inglewood near The Forum continue to move forward, with public hearings slated to begin this summer.
Having the state-of-the-art, 18,000-seat basketball arena and The Forum under the same ownership will allow for coordinated programming between the two venues, improving traffic congestion around basketball games and concerts.
Image courtesy of Madison Square Garden Entertainment Corp.