The Madison Square Garden Company (NASDAQ: MSG), City of Inglewood and Faithful Central Bible Church announced today that The Madison Square Garden Company has acquired the celebrated Forum in Inglewood, Calif. for a purchase price of $23.5 million. The acquisition will be followed by a comprehensive renovation of the historic venue, which is scheduled to begin later this year.
“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.”
“We are extremely pleased to have The Madison Square Garden Company as a partner in the community who is committed to helping us revitalize Inglewood,” said James T. Butts, mayor, City of Inglewood. “The renovation of the Forum will not only benefit music fans throughout Greater Los Angeles, but is also a long-term investment in the future of the City of Inglewood. A successful Forum will boost community pride and drive Inglewood’s economic transformation through job creation, tax revenue and further redevelopment of Inglewood’s commercial core.”
The Madison Square Garden Company has made meaningful commitments to Inglewood as part of its agreement with the City. These include:
– A minimum ticket sales guarantee each performance year to help ensure the project’s significant economic impacts;
– A Workforce Outreach Coordination Program to promote local hiring opportunities and Minority Business Enterprise/Disadvantaged Business Enterprise (MBE/DBE) participation in the project, including job fairs to promote those opportunities;
– Rent-free uses of the Forum by the City for charitable causes;
– The rent-free use of the Forum parking lot on an ongoing basis for a farmers’ market; and,
– Support of charitable endeavors of importance to the community.
“We are happy to welcome The Madison Square Garden Company to Inglewood, and are particularly pleased with their commitment to having a positive impact on our community,” said Bishop Kenneth C. Ulmer, senior pastor-teacher, Faithful Central Bible Church. “We look forward to ensuring that all facets of the Inglewood community are able to benefit from the impact of a successful Forum arena.”
Hank J. Ratner, president and chief executive officer, The Madison Square Garden Company, said: “I would like to thank Mayor Butts and the City Council for their leadership and commitment to make ouracquisition of the Forum a reality. Without the Mayor, this deal simply would not have happened. We look forward to being a positive presence in Inglewood for many years to come.
“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. The addition of the Forum is a perfect complement to the Madison Square Garden Arena – it now allows us to have world-class venues in both New York and Los Angeles, linking the top two entertainment markets in the country. The addition of the Forum also enhances Fuse, our national music network, by providing access to top performers from our iconic venues on both coasts.
“We have a proven track record of successfully restoring and renovating our historic venues, including the restoration of Radio City Music Hall in 1999 and the Beacon Theatre in 2009, as well as our current transformation of The Garden, which is in the process of being turned into one of the world’s most spectacular arenas. We will bring the same attention to detail to our renovation of the Forum, resulting in a world-class venue that will be the place for music in Los Angeles,” concluded Ratner.