LA Clippers owner Steve Ballmer has reached an agreement to purchase The Forum in Inglewood, through a new company, for $400 million in cash from The Madison Square Garden Company, it was announced.

The Forum will continue to operate as a premier live-music venue while "resolving litigation surrounding plans for the new NBA arena" for Ballmer's Clippers.

"This is an unprecedented time, but we believe in our collective future," Ballmer said in a statement. "We are committed to our investment in the City of Inglewood, which will be good for the community, the Clippers, and our fans."

According to a news release, the acquisition of The Forum was driven by Ballmer and Clippers vice chairman Dennis Wong through the newly-formed CAPSS LLC.