The owners of Madison Square Garden recently purchased the venue from Faithful Central Baptist for $23.5 million with a plan to redevelop the aging venue, reported the Los Angeles Times. The East Coast developers hope to give the region’s newer arenas, including Staples Center, a run for the money. MSG expects to start work on the renovation this year, with details expected to be released in the fall, the Times reported.
The new stewards of the Forum have promised the city of Inglewood that it will get a minimum of $675,000 in ticket, parking, and concession taxes each year, a figure based on the sale of 300,000 tickets. MSG has offered to pay the city the difference if sales are under that number.
Inglewood, in exchange, will give MSG an $18 million rehabilitation loan. If MSG doesn’t follow through with the $50 million renovation, the company won’t get the loan.
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