Sterling interested in Inglewood?
Posted: Mon Sep 5, 2011 3:05 am
I have no idea if this rumor has any validity but it talks about Donald Sterling having interest in buying the Forum property in Inglewood.
http://clippers.topbuzz.com/PNphpBB2-vi ... -7082.html
I have always thought that the Clippers sharing an arena with the Lakers is one of the lamest and tackiest things around and that a move to Anaheim is not only long overdue but that it would be in the team's best interest as it would eliminate the potential for a 3rd team in the market as the Kings to Anaheim is still a very legit threat.
OTOH, gutting and renovating the Forum is half as costly as building an arena from scratch and more importantly for Sterling, he would be close to Beverly Hills and LA.
Now, you may ask why Sterling would do this when he already has a great deal at Staples, paying just 1.5 million a year in rent. Well, there's a lot of reasons..
1) He would have complete control of the building. Yeah, he only pays rent at Staples but he gets very little money from suites and concessions. In Inglewood, he would have complete control of parking as well as the aforementioned.
2) He wouldn't be the JV guy anymore. No matter what anyone says, it sucks to have the Lakers banners and retired jerseys up there while the Clippers are playing. In Inglewood, he would have an arena that would truly be the "Clip joint" with red and blue seats and everything else.
3) Price. Building an arena from scratch is probably around $400 million but a Forum renovation would go for only $200 million and you would wind up with something along the lines of Oracle Arena in Oakland as they did the gut and renovation thing themselves. All he would have to do is sell a 40% stake in the team and with naming rights and maybe $25 million from Inglewood, he'd practically have the financing taken care of right there. I don't think he'd have a problem with selling 40% of the team because his profit margin would only shrink from $10 million to $6 million and as old as he is, he isn't really looking at big profit as much as he is the glamour of owning a team.
http://clippers.topbuzz.com/PNphpBB2-vi ... -7082.html
I have always thought that the Clippers sharing an arena with the Lakers is one of the lamest and tackiest things around and that a move to Anaheim is not only long overdue but that it would be in the team's best interest as it would eliminate the potential for a 3rd team in the market as the Kings to Anaheim is still a very legit threat.
OTOH, gutting and renovating the Forum is half as costly as building an arena from scratch and more importantly for Sterling, he would be close to Beverly Hills and LA.
Now, you may ask why Sterling would do this when he already has a great deal at Staples, paying just 1.5 million a year in rent. Well, there's a lot of reasons..
1) He would have complete control of the building. Yeah, he only pays rent at Staples but he gets very little money from suites and concessions. In Inglewood, he would have complete control of parking as well as the aforementioned.
2) He wouldn't be the JV guy anymore. No matter what anyone says, it sucks to have the Lakers banners and retired jerseys up there while the Clippers are playing. In Inglewood, he would have an arena that would truly be the "Clip joint" with red and blue seats and everything else.
3) Price. Building an arena from scratch is probably around $400 million but a Forum renovation would go for only $200 million and you would wind up with something along the lines of Oracle Arena in Oakland as they did the gut and renovation thing themselves. All he would have to do is sell a 40% stake in the team and with naming rights and maybe $25 million from Inglewood, he'd practically have the financing taken care of right there. I don't think he'd have a problem with selling 40% of the team because his profit margin would only shrink from $10 million to $6 million and as old as he is, he isn't really looking at big profit as much as he is the glamour of owning a team.