MSG has purchased the Forum of Inglewood with a plan to renovate the arena to challenge AEG's Staples Center for concerts.

The Lakers and NHL's Kings played at the Forum until 1999.

MSG will begin work this year on a $50 million renovation.

"The addition of the Forum is a perfect complement to the Madison Square Garden arena — it now allows us to have world-class venues in both New York and Los Angeles, linking the top two entertainment markets in the country," said MGS president Hank Ratner.