LOS ANGELES (CelebrityAccess MediaWire) — The Madison Square Garden Company has signed an deal with the City of Inglewood and Faithful Central Bible Church to acquire the iconic Forum in Inglewood California for the purchase pric of $23.5 million.
The acquisition will be followed by a comprehensive $50 million dollar renovation, of the historic venue, which is scheduled to begin later this year, with the City of Inglewood promising an $18 million commercial rehabilitation loan contingent on MSG's promised outlay.
The deal includes a number of provisions for MSG, including a minimum ticket sales guarantee each performance year, as well as a requirement to promote local hiring and allowing rent-free use of the Forum by the city for some programs, including the farmer's market in the venue's parking lot.
The 17,500 capacity Forum, which first opened in 1967, has since become one of the best-known indoor sports venues in the U.S. and has served as home to numerous professional sports teams, including the Los Angeles Lakers (NBA) and the Los Angeles Kings (NHL) as well as numerous major concert performances.
"We are honored to be adding the Forum to our iconic list of venues, and to call Inglewood our West Coast home," said James L. Dolan, executive chairman, The Madison Square Garden Company. "We look forward to building on the Forum's outstanding legacy in music, and to utilizing our expertise to ensure it once again becomes a thriving destination for both artists and music fans, as well as an active member of the Inglewood community. We would like to thank Mayor Butts, Bishop Ulmer and the Faithful Central Bible Church, the Inglewood City Council and Planning Commission, and residents from across the community for their support for this important partnership." – CelebrityAccess Staff Writers