Staples Center owners snap up Forum
L.A. Arena Co. to manage venue until $30 mil sale wraps
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The Forum was expected to become largely a white elephant once the Staples Center -- which will host the NBA's Lakers and NHL's Kings starting this fall, who played at the Forum -- opened and took the both the town's teams and many top events.
The L.A. Arena Co., a partnership that includes majority owner Philip Anschutz and the Fox Group, will assume responsibility for management and operation of the Forum upon completion of the sale, expected July 31.
Financial terms were not disclosed, but insiders said the deal was worth nearly $30 million.
Music industry execs questioned whether the Staples Center, with all of its sports action, would have space on its schedule for concerts or high-profile events such as the Grammy Awards.
But the addition of the Forum to its holdings ensures Staples execs will always have room at the inn.
"Taking advantage of the synergies that will exist between both of our arenas, the Great Western Forum will be an asset to promoters as both a scheduling and cost-effective alternative to other venue," said Timothy J. Leiweke, exec veep of L.A. Arena and prexy of the Los Angeles Kings.
The Forum has been the home of the Kings and Lakers since opening on Dec. 30, 1967, but both teams will play at the Staples Center this fall for their 1999-2000 seasons. They will share the arena with the Clippers, who are leaving the Sports Arena in Exposition Park.
Staples Center officials said there were no plans to modify the Forum's current schedule of events, which includes the WNBA's Sparks regular season and the Ringling Bros. and Barnum & Bailey Circus on Aug. 4-8. About 20 concerts are booked at the Forum each year.
Jerry Buss bought the Forum in 1979 along with the Lakers and Kings for $67.5 million.
The $350 million Staples Center, which is still under construction, is set to open in October. Bruce Springsteen will be the first act to perform at the Staples Center, opening what is expected to be a multiple-night run on Oct. 17.
