The Madison Square Garden Co. (MSG: Quote) on Tuesday said it has acquired the celebrated Forum in Inglewood, California for a purchase price of $23.5 million.
The acquisition will be followed by a comprehensive renovation of the historic venue, which is expected to begin later this year.
Madison Square Garden has made commitments to the City of 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 and rent-free uses of the Forum by the City for charitable causes.
It also includes a workforce outreach coordination program to promote local hiring opportunities and Minority Business Enterprise/Disadvantaged Business Enterprise participation in the project, including job fairs to promote those opportunities.
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by RTT Staff Writer
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