The forum was purchased last year for approximately $23.5 million. There are now plans for a $100 million renovation to turn the forum into a high-end concert hall.
The goal is to bring the Forum back to its glory days, where rock legends like the Rolling Stones and even Elvis Presley performed at the venue.
In 1999, the Forum lost its biggest tenants - the Los Angeles Lakers and the Kings - when Staples Center was built. Since then, most big concerts have gravitated toward Staples Center as well.
Madison Square Garden officials say their renovations will bring performers back to the Forum. With the Hollywood Park Casino down the street being transformed into an upscale living and shopping center, officials hope concertgoers feel safe.
Some of the renovations include brand new red velvet seats and a new center performance ring that will accommodate concert needs for big-scale productions.
The venue's first big act following the renovations is set to be the Eagles, who are scheduled to perform next January. They first performed at the Forum nearly 40 years ago.
"I spent a couple of days in the forum club one night," said Joe Walsh of The Eagles. "I don't remember much of what happened but I'm told I had a really good time."
"It's going to be emotional," said bandmate Glenn Frey. "We think back to all of the times that we've spent here, not just our band, everybody in Southern California has had something for them happen at the Forum. For this building to be reopened, we all feel like we're a part of history and part of something really good."
MSG vows to make the Forum a fabulous place for musicians and fans.
"Artists have always loved performing at the Forum and we are committed to restoring this legendary venue to its rightful place as one of the most sought after places to play," said Jim Dolan of the Madison Square Garden Company.
When the renovation is complete, it's set to have a capacity of 17,500. The venue will host music and entertainment acts for the most part but will also host limited sports events such as boxing and tennis.
The city of Inglewood is also set to benefit in a big way.
"From the time we signed the development agreement, we've already had interest in other parcels in the city to be purchased by developers in development proposals," said Inglewood Mayor James Butts. "We've had a number of other businesses, with their own money, wanting to pitch projects to the city."