Ballmer completes purchase of The Forum, paving way for Clippers' new arena

The biggest obstacle preventing the construction of the Los Angeles Clippers' new arena has been hurdled.

CAPSS LLC, the group headed by Clippers owner Steve Ballmer, officially completed its purchase of The Forum in Inglewood, California, from The Madison Square Garden Company on Monday, the Clippers announced.

"We are excited to welcome The Forum to our family," the team's president of business operations Gillian Zucker said in a statement. "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."

The agreement was announced last month to be worth $400 million.

MSG owner James Dolan had reportedly funded multiple lawsuits in order to block development of the Clippers' new arena due to its planned close proximity to The Forum. By purchasing the historic venue, the Clippers are now expected to move full steam ahead with construction on their new home, which is projected to open by 2024.

"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," the Clippers' statement says.

The Forum was built in 1967 and has housed several professional sports teams in Los Angeles, including the Lakers and Kings. In recent years, it has primarily hosted concerts and other live entertainment events.