The owners of Madison Square Garden have bought another large arena, the Forum, in Los Angeles, Crain’s reported. But the arena is dated and in a blighted area.
The Forum, which is technically in Inglewood, Calif., a city next to Los Angeles, was bought from a religious organization for $23.5 million, Crain’s said. Madison Square Garden, the name of the company and the venue, plans a massive renovation of the Forum, to begin later this year.
The previous owner, Faithful Central Bible Church, bought the former home of the Los Angeles Lakers in 2000 for $22 million.
“We carefully considered our acquisition of the Forum, including its renovation needs, before moving forward, and believe it presents a unique opportunity for our company from both a strategic and economic perspective,” MSG President Hank Ratner told Crain’s. [Crain’s]