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Madison Square Garden Co. sells The Forum to Clippers (Report)

According to Marc Stein of the New York Times, the Madison Square Garden Company has sold The Forum in Inglewood, CA to Steve Ballmer and the Los Angeles Clippers. Balmer is sending MSG owner James Dolan $400 million in cash in the deal.

“This is an unprecedented time, but we believe in our collective future,” said Ballmer via CBS 2 Los Angeles. “We are committed to our investment in the City of Inglewood, which will be good for the community, the Clippers, and our fans.”

“The Forum will continue to operate as a music venue, while plans for the construction of the Clippers’ privately-financed, fan-focused NBA arena, team headquarters and transformative community project move forward,” the Clippers said in a statement.