Los Angeles Clippers owner reaches deal to buy the Forum in Inglewood for $400 million

LOS ANGELES (KABC) -- The Los Angeles Clippers' pursuit for a new arena in Inglewood cleared a major hurdle.

Clippers owner Steve Ballmer's newly-formed Capps LLC reached an agreement with the Madison Square Garden company to purchase the Forum for $400 million, ending three lawsuits by MSG in relation to the new proposed arena.

The Forum will remain open as a concert venue.

The Clippers say the new arena will create an estimated 7,500 high-paying construction jobs and 1,500 permanent jobs once the complex is open.