Clippers owner Steve Ballmer announces new $1.2 billion Intuit Dome
Former Microsoft CEO Steve Ballmer speaks onstage during the New York Times Dealbook event on November 1, 2018, in New York.
Michael Cohen | Getty Images | The New York Times
“Perpetual optimism is a force multiplier.”
It’s a famous quote admired by Steve Ballmer, the former Microsoft CEO turned pro sports owner.
“Colin Powell taught us that,” said Ballmer in a sit-down interview with CNBC. Powell’s words relate perfectly to Ballmer’s new mission: taking a more significant piece of revenue in the basketball and entertainment market in Los Angeles.
On Friday, Ballmer broke ground on his new $1.2 billion arena, the Intuit Dome. The 18,000-seat complex will be vital in helping the Clippers capture underserved sports fans in Los Angeles. Ballmer labels them the “grinders” of the city, a term used to describe working-class sports fans.
Before discussing specifics around the Intuit Dome, the former Ballmer reflected on his time in his post-retirement role as a professional sports owner. Here’s what Ballmer said he learned about owning the Clippers and how it relates to his business past.
It starts with Powell, the former Secretary of State under President George W. Bush’s administration.
Ballmer’s optimism comes through
Ballmer, 65, entered a conference room at the Clippers downtown LA office, having conducted over four interviews, with more on his schedule. The discussion with CNBC lasted a little over 15 minutes, covering various topics from the arena and his previous life in business. Powell’s words helped explain the optimism around Ballmer’s vision for the Clippers, starting with the Intuit Dome.
“You have to be optimistic to take on a huge project when you don’t start with land,” Ballmer said. “Putting the land together is quite the circus of legal issues, resolutions. We had to buy the Forum as part of that process. You have to keep your optimism.”
Ballmer was referring to the $400 million in cash he paid Madison Square Garden Company, the previous owner of the Forum. The Lakers played there from 1967-1999, and the building mainly hosts concerts today. Ballmer needed to resolve legal issues with MSG, who complained Ballmer’s new arena would damage the Forum’s income. MSG purchased the Forum for $23.5 million in 2012 and cashed out in 2020, thanks to Ballmer.
The Clippers owner also paid the town of Inglewood $66.2 million for the land where Intuit Dome will sit. The Clippers will get some of that back, though. Intuit, the software company that makes Turbo Tax, will pay the team more than $500 million for a 23-year naming rights slot.
That deal only enhanced Ballmer’s optimism.
“This stadium is about being optimistic about our team,” Ballmer said.
“It’s about being optimistic about our fans. Get in the building, pump up, make energy,” Ballmer added, clapping his hands. “Your energy can feed our team to greater success.”
He then laughed when discussing the “weird, small world” and a key relationship that probably helped land the Clippers a record naming…
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