According to Andrew Greif of the Los Angeles Times, Los Angeles Clippers owner Steve Ballmer reaches an agreement with the Madison Square Garden Company to buy the building for $400 million in cash on Tuesday.
"We are looking forward to putting the legal issues behind us," the Clippers said in a statement. "This will allow us to focus on delivering world-class experiences for music fans and building a new arena that will provide a unique environment and a true home court advantage for Clippers fans."
Ballmer and the city of Inglewood were in a battle with MSG, which alleged the city promoted competition to The Forum despite an agreement saying it wouldn't. MSG and executive chairman James Dolan said they were under the impression the land the city convinced them to give up in the area was for a technology park.
After a completion of a new arena, the Clippers they will no longer have to share Staples Center with the Los Angeles Lakers and the NHL's Los Angeles Kings.
As of right now, the new ownership group has no plans of tearing down The Forum.
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