The Madison Square Garden Co. said this week that it will invest $100 million in the Forum in Inglewood, Calif., as part of its renovation of the historic venue.
The Forum, once home to the Los Angeles Lakers and a major rock concert arena, is expected to reopen in mid-January with performances by the Eagles.
The interior of the arena will be modernized, with flexible seating ranging from 8,000 to 17,500 seats.
Inglewood Mayor James T. Butts said the company's agreement with the city calls for $50 million in improvements and MSG would receive an $18 million loan from the city. MSG spokeswoman Kim Kerns said the company anticipates spending $100 million by the time the project opens next year.
Madison Square Garden Co., which owns the namesake arena in Manhattan, is competing with Forest City Ratner Cos. to overhaul the Nassau Coliseum. Nassau County Executive Edward Mangano is expected to select a developer by Aug. 15.
MSG is proposing a $250 million project to renovate the Coliseum and create an entertainment district that will feature restaurants and sports bars.
The $229 million Forest City Ratner plan calls for renovating the area and building an outdoor amphitheater, a separate 2,000-seat indoor theater and restaurants and other retail.
The Dolan family owns a controlling interest in MSG and Cablevision, which owns Newsday.