Intuit lands Clippers Arena naming rights for $500M

Los Angeles Clippers are currently valued at $2.75 billion.

The new $1.2 billion Inglewood arena by the Los Angeles Clippers is scheduled to open in 2024 and now has a new name.

The naming rights deal to the venue was signed by TurboTax’s parent company for more than $500 million for 23 years. 

Steve Ballmer, who purchased the Clippers for $2 billion in 2014, said, “the team is establishing its own identity by moving from its current shared space with the Los Angeles Lakers and Los Angeles Kings at Staples Center.”

The newly built arena will feature a double-sided Halo video board. It is also believed that Intuit Dome will make around $260 million in yearly financial activity in the area, adding over 7,000 full-time and part-time jobs.

On top of that, the Clippers dedicated $100 million for a community benefits package for after-school programs, senior services, libraries, and housing. The Clippers are currently valued at $2.75 billion.

A lot of money went out as Ballmer paid $66.2 million for the land and an additional $400 million to purchase the Forum from MSG last year. It also helped to free Ballmer from legal battles with the company. The Forum was acquired by MSG for $23.5 million in 2012.

It is reported that the pioneering for Intuit Dome is on Friday.

In the 2020-2021 season, the Clippers managed to finish fourth in the Western Conference table.

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