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.

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Mark Suster, managing partner of the granddaddy of L.A. venture capital firms and impresario of the annual Upfront Summit, could have chosen from any number of venues to host this year's version of the Coachella of venture capitalism. But why pick an ordinary conference center or hotel when you can rent out the entire Rose Bowl?

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In his first public remarks about the death of Kobe Bryant, Los Angeles Clippers owner Steve Ballmer called the NBA superstar's death "a tragedy of tragedies" at a gathering of venture capital investors in Pasadena.

"It's obviously a tragedy anytime someone dies that young let alone the number of people who passed away," Ballmer said, before adding that Clippers players have been personally affected.

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