Steve Ballmer Pays $400M to Buy the Forum for Clippers
Los Angeles Clippers chairman Steve Ballmer is paying $400 million in cash to buy the Forum arena from the Madison Square Garden Company, the LA Times reported Tuesday.
The deal allows Ballmer, the former Microsoft CEO who paid $2 billion to buy the Clippers in 2014, to move forward with plans to build a new arena for the NBA franchise.
Ballmer formed a new company with Clippers vice chairman Dennis Wong called CAPSS LLC to make the purchase, which ends a long legal battle with MSG. It will allow the Clippers to play in their own building, rather than sharing with the Los Angeles Lakers at the Staples Center. There are no plans to tear down the Forum, the LA Times reported.
"This is an unprecedented time, but we believe in our collective future," Ballmer said in a statement. "We are committed to our investment in the City of Inglewood, which will be good for the community, the Clippers, and our fans."
Ballmer is currently ranked No. 9 on Forbes' richest-person list with a net worth of $51.4 billion. He and his wife Connie recently donated $3 million for a COVID-19 Response Fund in Seattle, and also gave $1 million to LA organizations.
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It's never been a better time to "murder your thirst."
Seven months after raising more than $9 million in Series A funding, Santa Monica-based canned water startup Liquid Death has raised $23 million in Series B funding.
The round was led by an unnamed consumer-focused family office and participated in by Convivialité Ventures, Fat Mike (NOFX), Pat McAfee, existing investor in Velvet Sea Ventures and others.
Sometimes it's better not to raise money. I know this sounds strange coming from me. I'm an angel investor in over 50 startups, my Twitter is essentially a ticker for funding news and I've always been a huge proponent for going public, which requires a long road of investments along the way. But there are great reasons to turn down venture capital investment and bootstrap it yourself or take just a small amount of funding. This was the crux of my discussion the other day with a founder facing this big decision on whether to raise a seed round.
This founder's company is getting great customer traction within a niche of a skyrocketing industry that has some very powerful players. He's at a fork in the road. If he pursues funding, he'll likely be able to raise a round. But is it the right thing?
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Amazon unveiled a new lineup of spherical Echo devices, an autonomous flying indoor Ring security camera, a new cloud gaming service, and new features to help Alexa converse and interact more naturally with users.
The flurry of news came Thursday morning during the company's annual Devices & Services event, a virtual version of a fall tradition in which the company typically shows its newest Echo speakers and other Alexa-enabled devices.