Buckets' property values just soared
"Dear Clipper Nation,
Since acquiring the L.A. Clippers in 2014, I have been adamant that our players, coaches and staff receive the support they need to do their best work on and off the court. I've also committed to giving our fans and their families the NBA's best game experience.
To date, we have greatly invested in our players, our coaching and support staff, our fan experience and our community.
Today, we are expanding that investment by entering into an agreement to explore an opportunity to build a new arena for the Clippers in the City of Inglewood. I have said from day one that we need to plan for the future. This agreement helps us do that by expanding our options.
The prospect of a new state-of-the-art NBA arena would allow us greater latitude to influence our game schedule, particularly as it relates to weekend games that are so important to our fans. We also want to offer our fans premium experiences in terms of technology, club spaces and other amenities; that's easier to realize in a new arena.
This new arena would be 100 percent privately funded. No public dollars would be used for this project.
STAPLES Center has proudly been the L.A. Clippers' home court since 1999. It will remain so until at least June 2024, when our lease expires. AEG, which operates STAPLES Center, remains our valued partner.
During the upcoming planning process, the Clippers and the City of Inglewood will work diligently together to evaluate this project in great detail. Regardless of where the Clippers take the court after 2024, I remain committed to helping the great city of Los Angeles and its citizens thrive. We look forward to sharing our progress as we continue along our journey to deliver championship results for our fans and the entire Los Angeles region.
Go Clips!
Steve "
INGLEWOOD, Calif. -- The Inglewood City Council unanimously approved an exclusive negotiating agreement with the LA Clippers on Thursday that could lead to the construction of an arena for the NBA team across the street from the future home of the NFL's Chargers and Rams.
The agreement calls for a three-year negotiating period, including a six-month extension, with a developer to build a state-of-the-art basketball arena with 18,000 to 20,000 seats. It requires the Clippers to pay a nonrefundable $1.5 million deposit to cover costs associated with the planning.
The proposed arena would be on a 20-acre parcel of land located across the street from the under-construction, $2.6 billion NFL stadium that is set to open in 2020. The Clippers' complex would include team offices, parking and a practice facility.
The land is currently occupied by a variety of businesses.
The Clippers have a lease to play at Staples Center in downtown Los Angeles through 2024. However, the team's owner, Steve Ballmer, has been open about his desire for a new arena since he bought the Clippers for $2 billion in 2014.
The Clippers share Staples with the Los Angeles Lakers, the NHL's Kings and the WNBA's Sparks, leaving the Clippers third in choice of dates. They've played at the arena since it opened in 1999.
Rams owner Stan Kroenke is privately financing the NFL stadium as part of a 698-acre mixed-use development that includes housing, retail and entertainment. The stadium is scheduled to host the Super Bowl in 2022.