The Madison Square Garden Company said Tuesday that it purchased the Forum in Inglewood, Calif. for $23.5 million.
The stadium was the former home of the Los Angeles Lakers and the Los Angeles Kings, but is currently owned by the Faithful Central Bible Church.
The Lakers and the Kings left the stadium in 1999 and relocated to the Staples Center in downtown Los Angeles. In its heyday, the Forum hosted rock acts like Led Zepplin, The Jackson 5, Barbra Streisand, Jethro Tull and Elvis Presley.
The Madison Square Garden Company said it plans to renovate the site and that the overhaul will begin later this year. It wants to transform the facility into a venue for concerts once again.
"We are honored to be adding the Forum to our iconic list of venues, and to call Inglewood our West Coast home," James L. Dolan, executive chairman of The Madison Square Garden Company, said in a statement. "We look forward to building on the Forum's outstanding legacy in music, and to utilizing our expertise to ensure it once again becomes a thriving destination for both artists and music fans, as well as an active member of the Inglewood community."