1

Construction of Los Angeles Clippers’ New Arena:

The Intuit Dome

Feasibility Study by:

Joseph Belmonte, Logan Ellison, and Ryan Kipp
Dr. Regan
December 1, 2021
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Table of Contents

Table of Contents 2

Executive Summary 3

Introduction 4

Market Analysis 6
Venue Data 9
Concessions/Merchandise Overview: 9

Project Description 11

Key Project Assumptions 13

Financing Options 13
Revenue Sources 15
Anticipated Costs and Expenses: 18
Growth Rates of Income and Expenses 20

Economic and Fiscal Impacts 21

Pro Forma Financials 22

Conclusions/Recommendation 25

References 27

Appendix 31
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I. Executive Summary
The purpose of this feasibility study is to illustrate the process of creating a new arena for

the Los Angeles Clippers in Inglewood, CA. The study proposes a location to build along with

the revenues and expenses for the team over the next 5 years which includes the construction of

the arena.

The hard costs for the stadium are estimated to cost roughly $380,000,000 dollars and

will take 2 whole years for the arena to be fully constructed. Once the arena is open for business

it is expected to make roughly $340,000,000 in annual revenues and incur annual expenses of

around $150,000,000.

The project can be financed in a variety of ways. The biggest source can come from a

team revenue bond for $440,000,000. The bond will have a coupon rate of 3.1% and a duration

of 30 years. The project also includes capital shared from the Clippers’ owner, Steve Ballmer,

worth $150,000,000. The project will also take advantage of a naming rights contract from Intuit

and a general sponsorship from Aspiration to provide revenue during construction as an

additional source of financing. Personal seat licenses will also be sold prior to the arena’s

construction too.

Building in California will come with obstacles. There are plenty of building regulations

regarding environmental conservation as well as issues that arise due to the construction site

being in such close proximity to Los Angeles International Airport. California is also not a

favorable climate for municipal funding which is why the Clippers would have to provide a

revenue bond as their main financing option.

In conclusion, this project is possible but not feasible. There are better locations in the

area which would be easier and cheaper to build at.

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II. Introduction
The Los Angeles Clippers are looking to build a brand-new arena to call home. The arena

will be named the Intuit Dome after it’s naming rights partner and it will be part of a larger

Clippers sport complex located in Inglewood, CA. On the property, there will be an arena which

seats 19,000 people with a maximum capacity of approximately 20,000 people. The complex

will also have team offices, a practice facility, a sports medicine facility, an outside plaza and

retail space.

The area being developed and purchased is called the Century Plaza shopping center at

the intersection of West Century Boulevard and Club Drive in Inglewood, California 90301. The

plot of land is approximately 22.8 acres of land.

They will also purchase 2 additional vacant lots for parking located at the intersection of

HP Casino Dr and West century Boulevard. The second lot would be on the corner of South

Prairie Avenue and West Century Boulevard. These two plots are approximately 8 acres of land

and will have parking garages built on both sites. They also suggested building a pedestrian
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bridge over West Century Boulevard where West Century Boulevard meets the Western corner

of the Century Plaza to ensure the safe travel of fans from the complex to our parking garages.
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III. Market Analysis

The new arena will have to adhere to all local laws and regulations set forth by the city of

Inglewood and the state of California. Chapter 12 of Inglewood’s municipal code requires there

to be a site plan review and approval by the Planning and Building Department Director prior to

the issuance of any building permit. Due to the need for land, local businesses will have to be

bought out. Chapter 8 of the municipal codes states, “A buyout agreement may not pay to a

tenant less than the tenant would be entitled to in relocation assistance under Section 8-123”.

Before the destruction process of the retail spaces can begin, a permit must be obtained by

submitting a waste management plan for the debris. This is in accordance with municipal code 7-

66 (Inglewood Municipal Code, 2021).

The overall design of the complex, more specifically the arena, must be approved as an

exception to the local Federal Aviation Administration guidelines since the arena will be in such

close proximity to Los Angeles International Airport. They also will need to seek FAA approval

during construction of the Arena to ensure they do not interfere with local air traffic.

Inglewood, California has a sales tax rate of 10% (Avalara Inc., 2021) which all sales of

merchandise and concessions would be subject to for our fans. The Clippers are also subject to

the federal corporate income tax of 21% (Trading Economics.com, 2021) as well as California’s

state corporate income tax which is 8.84% (State of California Franchise Tax Board, 2021).
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Market Analysis Continued.

Demographics of Inglewood, CA as of 2019

Inglewood, CA has a total population of 109,613 people as of 2019. As seen in the above
chart, 50.6% of the population or roughly 51,000 people are Hispanic with the three largest
ethnic groups being, Black or African American (Non-Hispanic), White (Hispanic), and Other
(Hispanic) in that order. These three groups make up 86.2% of the total population. Not listed on
the chart is American Indian & Alaska Native (Hispanic), Native Hawaiian & Other Pacific
Islander (Non-Hispanic), Other (Non-Hispanic), American Indian & Alaska Native (Non-
Hispanic), Asian (Hispanic), Native Hawaiian & Other Pacific Islander (Hispanic). Each of these
groups have less than 1,000 people per group or less than 1% of the total population (Data USA,
2021).
Los Angeles also receives approximately 50 million visitors a year who spend over $18
billion within their local economy. Los Angeles’ tourism industry also services more than 10
million of their local residents each year (LAEDC, 2020).
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Market Analysis Continued.

Median Income of Inglewood, California

The above chart is also courtesy of datausa.io and it shows the median income of
Inglewood as compared to other neighboring and parent geographies. The data for the graph was
collected from the US Census Bureau and the ACS 5-Year Estimate. The median income for
Inglewood in 2019 was $54,400 which was an 8.08% increase from the previous year. Despite
this growth the median income of Inglewood is still well below the national median annual
income of $65,712 for the United States.
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Market Analysis Continued.

Venue Data

Capacity (persons) per Sport:

- Basketball: 19,000 -Hockey: 18,020 -Concerts: 11,000 to 14,000

Seating Options:
- Non-Club seats
- Club Seats: 3 designated areas with specific ticket access to exclusive vendors and
seating
- Suites:
- Luxury Suites
- Premium Suites
- Season Ticket Plans:
- 10 Home Game Plan
- 20 Home Game Plan
- 41 Home Game Plan

Concessions/Merchandise Overview:
What they want to achieve when it comes to concessions is to provide an effective and

efficient process of purchasing food and beverages. According to Oracle, “Fans value their time

at games, and are willing to pay a premium for it. 59% of fans would spend more on food and

beverage if their wait time were to be cut in half” (Oracle, 2019). Their mission is to provide the

perfect amount of concession options to limit the overflow of lines to maximize customer

satisfaction.
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100s Level Concourse Area= - 4 In-House stands selling basic sporting event items.
- 7-8 Outside Vendors, not including exclusive club
vendors
- One Luxury style designated Club area
- Luxury Suites
- Official Team Store
200s Level Concourse Area= - Premium Suites
- Two In House and outside vendors suites
- Designated Club area and club seating
- 2 smaller team stores
300s Level Concourse Area= - Non-club seats
- Designated club area for all ticket holders
- 4 In house vendors
- 3 outside vendors
- 1 small team store
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IV. Project Description

The goal of the project is to provide the Los Angeles Clippers with their own venue to

conduct full team operations within. They also are looking to provide another venue for Los

Angeles to host concerts and other events at. This new Arena will increase tourism to the area

and provide an increase in business for both local hotels and local restaurants.

The area they will develop and purchase as well as the two additional plots for parking

are estimated to cost $286,316,396. The costs of land were calculated using Zillow listings and

adjusting for the total acreage needed for construction. For the plot of land the arena will be on,

we calculated that they will need 22.8 acres which equals 993,168 SQ/FT. It costs roughly

$8,000,000 for 34,520 SQ/FT which equals $231.75 per SQ/FT (Zillow.com, 2021). 993,168

SQ/FT times $231.75 per SQ/FT equals $230,166,396. Parking lot 1 located on HP Casino Dr

comes out to a total cost of $18,150,000. This is based off of Zillow which had six ninths of the

listed for $12,100,000. Parking lot 2 is currently for sale on Zillow for $38,000,000. These land

purchases will displace exactly 20 businesses in the Century Plaza shopping center and zero

homes.

We calculated how much land they need for parking from google maps and concluded

that they need 8 acres of land for each parking lot. We found the square footage for an acre of

land, 43,560, and then multiplied that number by 8 to get total square footage. The average

square footage of one parking spot is about 320 square ft (Franklin Street, 2020). To find the

number of spots for one lot, the total square footage in one lot was divided by 320, the average

square footage of a parking spot, to find the total number of parking spots in one lot, 1,089. We

plan on having two lots, so we multiplied that 1,089 by a factor of 2.

The new arena will cater mostly to tourists as opposed to locals. As shown in the market

analysis, the median income in Inglewood, CA is well below the national average so we cannot
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rely on the local population to attend events. Instead, they are looking to capture some of the

roughly 50 million visitors that travel to the Los Angeles area annually. The Clippers can rely on

some local patrons as 10 million locals are also serviced by LA’s tourism industry (LAEDC,

2020). The greater population of Los Angeles is more likely to attend events rather than

Inglewood residents.

It is also imperative that they incorporate the roughly 85% minority population of

Inglewood. This could include local outreach programs or art installations at the arena as well as

trying to plan culture inclusive productions.

Some of the project's biggest issues will arise from California's strict building rules and

regulations. California requires some of the strictest building codes in order to protect the local

environment. On top of that, the location where we are building the new arena is within 4 miles

of the Los Angeles International Airport which adds even more regulations onto our building

process.

The new arena will be located directly next to SoFi Stadium where there is the possibility

of event overlap. The Clippers schedule will have to be determined keeping in mind the NFL

schedules of both the Los Angeles Rams and the Los Angeles Chargers who play at SoFi

Stadium. It also is a venue our arena may have to directly compete with when landing concerts

and events.
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V. Key Project Assumptions

Financing Options
The venue will be financed in a variety of ways. Our largest financing option is issuing

$440 million dollars worth of private revenue bonds backed by all the sources of the team’s

revenue. These will be long term bonds with a maturity date of 30 years from issuance. We will

pay a competitive coupon rate of 3.1% for the duration of the bond’s existence. They issued

private bonds due to the difficulty of securing government funding in California.

The Los Angeles Clippers are owned by the wealthiest of all NBA owners, Steve

Ballmer. Steve Ballmer’s net worth is $91.8 billion as of 9/29/21 (Forbes Staff, 2021). Ballmer

recently purchased the Forum arena from Madison Square Garden Company for $400 million in

order to end an ongoing legal dispute (Henry, 2020b). It is expected that he will provide the

leverage and capital needed for $150 million dollars worth of construction. This influx of cash

gives Ballmer full ownership of the Arena and guarantees that any future profits are his.

The Clippers also planned on selling Personal Seat Licenses in their new arena. To

calculate the amount of revenue they hope to earn on these PSLs, we used the newly constructed

Allegiant Stadium in Las Vegas as a comparison. Allegiant Stadium accumulated $549 million

off of seat licensing sales, in which they sold 85% of their total seats as PSLs (Smith, 2020).

Allegiant Stadium has a capacity of 65,000, so we had to factor down the numbers substantially.

We decided to only sell 21.25% of our seats as personal seat licenses. Based on the average price

per seat license from the Raiders, our 19,000-seat arena would generate $40,119,231.

Naming rights for the new venue will be available to the highest bidder, providing a

substantial financing option for the construction of the arena. They know that the financial

software provider, Intuit, is willing to pay $21,739,130 per year for 23 years based on the deal

they reached with the Clippers for their new arena in Inglewood (Carp, 2021).
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Other brand partnerships are available in the form of sponsorships. Many companies have

recently been developing strong sponsorship deals with venues. California based company

Aspiration will provide a general sponsorship of the team and arena worth $300 million over a

span of 23 years (Financial Buzz.com, 2021). This sponsorship equates to $13,043,478 annually.

Finally, once the arena is completed, the Clippers will use retained earnings generated

from the team to operate and maintain the brand-new Intuit Dome. The below chart shows the

breakdown of each financing option in terms of the total money raised for the project.
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Revenue Sources
In the 18/19 year, the Los Angeles Clippers earned an estimated revenue of $282 million.

The majority of this revenue came from ticket and merchandise sales. The below graph is

provided by Statista.com and it shows the Clipper’s team revenue in millions of U.S. dollars

since the 2001/2002 season (Gough, 2021b).

As seen in the graph, the Clippers have seen a steady increase in annual revenue and we
expect this growth to continue once the COVID 19 pandemic concludes. For ticket sales, we
took ticket sales from 2014-15 to 2019-2020 on the graph. We then took the average of those
years and used that number for 2023. After that, we increased ticket sales at a constant rate of 5%
for 2024 and 2025. For premium seating we took the figure we found for ticket sales and
multiplied it by 15% since the venue is designed to have roughly 15% of all tickets being sold as
premium seats. For premium seating we got $59,000,000 for the first year and grew that number
by 5% for the next two years.
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Merchandise sales have increased for the Clippers in recent years after adding NBA

Finals MVP Kawhi Leonard and All-Star Paul George to the team’s roster (Lefton, 2019). We

predict the team will earn approximately $300,000,000. We got this number by taking the total

amount the NBA makes in merchandise sales which is roughly $1,000,000,000 (Eide, 2021) and

dividing it by 30 which is the number of teams in the league. For the following years we

assumed that sales would grow by 2.5%.

For parking revenue, after finding the number of spots in both lots, we decided to

implement a 3-year increasing parking cost system. Starting with $15 in 2023 we would increase

the price to $20 in 2024, and $25 in 2025. We then took the number of spots and multiplied it by

the price for each year, then multiplied by the number of home games, 41. This comes to

$1,339,470 in parking revenue for 2023, $1,785,960 in 2024, and $2,232,450.

Concessions revenue (including alcohol) was calculated by taking the average attendance

per season at the Staples Center from 2014-15 to 2019-2020 and solving for one main average,

with that average being 18,477 fans. We took that number and calculated the projected average

attendance for our three years of operation. We found a base average of dollars spent on food and

soft drinks as well as alcohol, and used that total per capita and multiplied it by our calculated

average attendance to give a rough estimate of what our concessions numbers could look like.

As mentioned in the previous section, we will have both a naming rights deal and a

general sponsorship which will provide us with annual revenue on top of the streams created by

the team. The naming rights deal provides us with $21,739,130 annually and the general

sponsorship provides us with $13,043,478.

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The Clippers also currently have a television contract which is worth $50,000,000 a year

which we included as a revenue source.

Finally, event ticket sales are going to be the venue’s largest revenue stream making up

almost 50% of all revenues. This is due to the location of the arena being in such close proximity

to Los Angeles which is an entertainment capital of the world. We estimate that the arena could

host roughly 50 events outside of the Clippers’ basketball season. We believe most of these

events to be concerts where the arena would look to profit roughly $1,000,000 per show. We get

our estimate for event revenues by multiplying the $1,000,000 per show by the 50 shows we

expect to host each year.

For merchandise, concessions, and events we have to worry about costs of goods sold.

This reduces the profits of these 3 revenues. For merchandise, we assumed 65% would go

towards the cost of goods sold, 50% for concessions, and 50% for events.
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Anticipated Costs and Expenses:

The first step to constructing a new facility is to determine the hard costs. This value is

determined by multiplying the number of seats in the facility (19,000) by the predetermined

amount of square feet per seat in a professional basketball venue (40 sq ft), multiplied by the cost

per square foot based on the venue’s location. We assumed the cost per square foot to be $500

based on the high costs associated with Los Angeles, California. The total hard costs for the

project are $380,000,000.

The construction of a new arena leads to the need for new equipment within said venue.

We determined that the Intuit Dome is in need of four forklifts totaling $200,000, two freight

elevators totaling $150,000, and eight commercial elevators totaling $520,000 (North American

Elevators, 2021). The total startup equipment costs for the new arena is $870,000.
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Our interest expense was calculated based off of the $440,000,000 revenue bond we’re

using to finance with. We multiplied that number by our 3.1% coupon rate and got an interest

expense of $13,640,000 annually for the duration of the bond.

For the Salaries expense, we took the payroll from the 2014-15 season up until the 2019-

2020 season and averaged those numbers out. We came up with a salary expense of

$127,750,000 starting in the third year. We then took fluctuation into account by multiplying that

average by 1.05 for 2023, 1.10 in 2024, and .987 in 2025. This expense only reflects the cost of

the player’s salaries and does not include other employees of either the stadium or front office.

For income tax expense, we combined California’s corporate state income tax of 8.84%

with the Federal corporate income tax of 21%. We then multiplied our earnings before tax by

29.84% and found our income tax expense.

Our depreciation expense comes straight from our depreciation schedules where we

combined the straight line depreciation of our arena with the straight line depreciation of our

equipment. Our equipment depreciates $58,000 per year based on its lifespan of about 15 years

and our arena depreciates $10,000,000 per year based on an arena's useful life of 38 years (Barr,

2021).

Our utilities expense was found by multiplying the square footage of our arena which is

760,000 sqft by $2.10 per square foot (iotacommunications.com, 2020). This gives us our

monthly expense which we then multiplied by 12 to get our yearly utilities expense.

For maintenance expenses, we multiplied the cost of the arena which was $380,000,000

by 0.2% to find our annual maintenance cost. This percentage was fairly low due to our stadium

being brand new.

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Growth Rates of Income and Expenses

NBA merchandise sales were rising league-wide through the 2019 season, with

NBAstore.com sales up 13 percent for that year, while team-controlled retail sales showed a 6

percent sales increase (Lefton, 2019). The Clippers ticket sales for the 41 home games, upon

opening 2023 through 2025, were increased at a constant rate of 5%. Premium seating is also

steadily increasing, by 15%, each of the first three seasons. One of the major reasons the

Clippers wanted their own arena was to personalize and market for exclusive premium seating, a

category that was more complex at Staples Center. As ticket sales were steadily growing by 5%

and the fact that our arena sets up for 15% of tickets being premium seating, we took 15% of the

total ticket sales to allocate for premium seating. Parking revenue, for the first three years of

operation, will incorporate a fixed increase of $5 starting at $10. Revenue steadily increases in

direct relation to the price changing each season.

Taking into account the continued additions to Inuit Dome to tailor the fan experience

and efficiency numbers, included is a projection of utilities increasing 2.5% each of the first

three seasons. Whether that is a couple more portable concession stands or interactive video

boards, changes always need to be taken into account when operating a venue.
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VI. Economic and Fiscal Impacts

Based on how many employees on average are required to run an NBA sized arena, our

new complex should employ around 1500 new part time minimum wage employees who could

earn around $20,000 or more seasonally. This brings a direct impact of around $30,000,000. This

is not including front office staff who already work with the team who will likely move into the

neighborhood around the arena.

NBA teams on average make over $250 million a year which could result in millions of

dollars in tax revenue for Inglewood, CA (Gough, 2021a). Fans visiting for the game buy food

outside the venue (See Map #2 in Appendix), stay at local hotels and spend money in other ways

which could bring over $100 million dollars to the local economy annually. See Appendix Map

#1 for hotels and motels in close proximity to the facility.

SoFi Stadium and the surrounding Hollywood Park would likely be happy with our

development since their overall property value should increase since they would be in such close

proximity to yet another major league sports franchise. Houses and property within the

immediate vicinity may lose value due to higher amounts of traffic and noise/light pollution

(Henry, 2021a). The overall loss and gain in property value should even out however.
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VII. Pro Forma Financials

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24
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VIII. Conclusions/Recommendation

In conclusion, this project is possible but not feasible. There are multiple hurdles that not

only add additional cost to production but increase the overall difficulty of the project. For

example, the plot of land we would build the arena on is a current shopping center. California

state had laws regarding fair compensation for the purchase of these businesses and it ultimately

drives the price of the land up. Not to mention the time it will take to negotiate with each

business to encourage them to sell their stores. It seems like the project would be better off if we

had decided to try and purchase less populated lots nearby at the sacrifice of location. A decision

like this would surely decrease the expenses associated with buying the land. We also have to

compete with outside developments being built in the area due to Sofi Stadium being right next

door.

We are very obligated to build in California since we are in fact working with the Los

Angeles Clippers, but that doesn’t make some of the local regulations any better. Building in

California guarantees we won’t get any help financing our project through municipal bonds, so it

forces us to finance the project fully on our own through revenue bonds. That's not to mention

the environmental safety requirements pertaining to construction. Also being in such close

proximity to an airport limits how we can construct the arena and adds extra permission we need

to gain prior to building.

Parking and traffic are also major concerns associated with the area. We purchased as

much land as we could and we’re averaging one parking spot per close to 3 people which is not

an ideal set up for a venue. We want that closer to 2. We must compete with Sofi for space and

that includes parking. Traffic can also be a nightmare in the area and the addition of our arena
 26

will only increase congestion. We intend on trying to schedule home games around Sofi’s

schedule but for the locals that means more nights of packed streets after games end.

In a perfect world we would be able to build our arena outside of California but that's not

the case. Instead, there are more feasible options within California such as moving our building

site. Therefore, we do not recommend pursuing this venture and instead suggest looking

elsewhere for this project.

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References

Avalara Inc. (2021). Inglewood, California sales tax rate (2021) . Avalara.com. Retrieved

November 30, 2021, from

https://www.avalara.com/taxrates/en/state-rates/california/cities/inglewood.html.

Carp, S. (2021, September 20). La Clippers seal 'US$500m' new arena naming rights deal with

Intuit. SportsPro. Retrieved November 30, 2021, from

https://www.sportspromedia.com/news/la-clippers-intuit-dome-inglewood-arena-naming-

rights-deal/.

Commercial Elevators. North American Elevator. (2021, April 20). Retrieved November 30,

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https://datausa.io/profile/geo/inglewood-ca/.

Eide, P. (2021, June 11). How does the NBA make money? I. Retrieved November 30, 2021,

from https://i80sportsblog.com/how-the-nba-makes-money/.

Financial Buzz.com. (2021, September 27). La clippers partner with aspiration in $300 million

deal. Financial Buzz | The Latest Buzz in Financial News Online. Retrieved November

30, 2021, from https://www.financialbuzz.com/la-clippers-partner-with-aspiration-in-

300-million-deal/.

Forbes Staff. (2021, November 30). Steve Ballmer. Forbes. Retrieved November 30, 2021, from

https://www.forbes.com/profile/steve-ballmer/?sh=44177dd54818.
 28

Franklin Street. (2020, August 12). How large is a parking space? Franklin Street. Retrieved

November 30, 2021, from https://franklinst.com/how-large-is-a-parking-space/.

Gough, C. (2021, February 17). Average revenue of NBA teams 2001-2020. Statista. Retrieved

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average-revenue-multiple-since-2005/.

Gough, C. (2021, February 17). Los Angeles Clippers revenue 2001-2020. Statista. Retrieved

November 30, 2021, from https://www.statista.com/statistics/196720/revenue-of-the-los-

angeles-clippers-since-2006/.

Gough, Christina. “Los Angeles Clippers Gate Receipts 2010-2020.” Statista, 17 Feb. 2021,

https://www.statista.com/statistics/383024/gate-receipts-of-the-los-angeles-clippers-

national-basketball-association/.

Gough, Christina. “Los Angeles Clippers Player Salaries 2001-2020.” Statista, 17 Feb. 2021,

https://www.statista.com/statistics/280713/player-expenses-payroll-of-the-los-angeles-

clippers/.

Henry, J. (2020, January 9). Traffic, noise from new LA clippers arena would be 'significant' and

'unavoidable,' report says. Daily Breeze. Retrieved November 30, 2021, from

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would-be-significant-and-unavoidable-report-says/.

Henry, J. (2020, July 29). 100 Million reasons why Inglewood approved a development pact for

a new La Clippers Arena. Daily Breeze. Retrieved November 30, 2021, from
 29

https://www.dailybreeze.com/2020/07/28/100-million-reasons-why-inglewood-approved-

a-development-pact-for-a-new-la-clippers-arena/.

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https://www.qcode.us/codes/inglewood/.

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hospitality/.

Lefton, T. (2019, October 25). Revamped Clippers, Nets give early boost to merchandise sales.

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early-boost-to.html.

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Smith, M. D. (2020, May 23). PSL sales reach $549 million at Raiders' new las vegas stadium.

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new-las-vegas-stadium/.

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 30

Trading Economics.com. (2021). United States Federal Corporate Tax Rate. United States

Federal Corporate Tax Rate | 2021 Data | 2022 Forecast. Retrieved November 30, 2021,

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commercial-property/.

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90303/95580627_zpid/.
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Appendix

Map #1 - Hotels and Motels in Los Angeles:

(via Google Maps)

Map #2 - Restaurants within Walking Distance of Arena:

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(via Google Maps)