Inglewood hopes The Forum can be a destination once again. (Eddy Lambert via Creative Commons)

At the corner of Manchester Boulevard and Prairie Avenue, there is The Forum, the once proud home of the NHL’s Los Angeles Kings and NBA’s Los Angeles Lakers, winners of six league titles while playing in the famed venue.

But since its two primary tenants skirted town in 1999 for greener pastures (Staples Center in downtown Los Angeles), the arena, which once hosted professional sporting events as well as concerts featuring artists ranging from John Denver to rock-and-roll king Elvis Presley, has become essentially vacant.

Yet, in spite of its decade of near silence, a revitalization of the city landmark is now in the works. Madison Square Garden, the New York-based entertainment company that owns the arena of the same name, is currently negotiating with the Faithful Central Bible Church, which has owned the arena since 2000, to purchase The Forum.

MSG plans to pour millions into a renovation project to restore the outdated facility in the hope of attracting concerts, according to multiple sources.

“"n the six weeks I have been your mayor, both the owner and the president of the Madison Square Garden Corporation (a billion-dollar entity) on three occasions have flown to Inglewood to further negotiations in their quest to purchase, renovate, and operate the Forum as a concert venue once again," said Inglewood Mayor James T. Butts at his State of the City Address on March 24. "If such an acquisition were to occur, it would be a very positive step for the community."

Reports of MSG’s interest initially surfaced last December, and in recent weeks negotiations have intensified.

"We have entered into an option agreement with MSG to purchase the Forum," said Marc Little, chief operating officer for Forum Enterprises, the church’s profit-entity.

Despite a confidentiality agreement with MSG that protects details of the potential deal, Inglewood officials have acknowledged the existence of the current talks.

"The Mayor and the entire Council is excited at the prospect of the Forum being revitalized," said Mike Falkow, assistant city manager. "The impact could be significant in terms of ticket tax, parking fees and sales taxes. This is in addition to more jobs that might be created."

If a deal is reached, the owners of MSG intend to turn The Forum into a concert-only facility, signaling the end of its run as the sports venue that once hosted hundreds of NBA and NHL playoff games.

In the hopes of increasing the city’s revenue, the return of high-profile events - whether music shows or sporting events - could provide some sort of economic boom for the city, according to Falkow.

"The city receives revenue from various sources when concerts and other large-scale events are held in the city," Falkow said. "Remember, our hope is that you come here for the concert or event and stay to eat at our restaurants and shop in our stores.  This also gets developers interested in developing here, which increases our property tax base."

But such efforts will certainly be challenging for both MSG and The Forum, the latter of which still must compete with the 20,000-seat Staples Center as well the Club Nokia and Nokia Theater - all located in downtown Los Angeles and owned by the Anschutz Entertainment Group.

Since 2000, when the Faithful Central Bible Church originally purchased The Forum for $22 million, entertainment projects have gravitated toward L.A. Live, not suburban communities such as Inglewood.

"That trend is here to stay,” said Jeff Fellenzer, a sports business and media professor at the University of Southern California. "'Move downtown,' as long as the terms are favorable. What’s attractive now is having a vibrant downtown."

As a result, Forum Enterprises struggled to keep the venue profitable as it was forced to compete with AEG, which continues to have the upper hand in terms of location in Southern California.

"Nobody invested in Inglewood and nobody built around the stadium," Fellenzer said. "People want to come early and stay late. They want to hang around."

Fellenzer is not the first to express such sentiments.

"L.A. Live helps make the outing more of an experience," said Roy Nwaisser, a season ticket holder for the Kings for over a decade. "I think it’s a big draw for the casual fan."

Across from Staples Center, L.A. Live holds a Regal 14 movie theater, Lucky Strike bowling alley, restaurants, night clubs and other attractions. By comparison, the highest-profile venue near The Forum is a Sizzler.

"It also has to do with proximity," Nwaisser said. "The Forum is a lot farther away than Staples is. When you go to 40-plus games a season, convenience becomes a lot more important than it is for the casual fan who might go to a handful of games. Especially in L.A. with all our traffic."

But beyond the loss of potential profits and jobs with the departures of the Kings and Lakers and decline in concerts, Inglewood has suffered another severe blow: the loss of a major part of the city’s core.

"It’s a huge loss to a community any time you lose a team, especially one with as many home games as the Lakers and Kings," Fellenzer said. "Yes, there is significant revenue and tax money lost, but even more so, a city loses a part of its soul."

Because of the movement toward downtown L.A., it remains to be seen whether or not the difficulties Forum Enterprises experienced in operating The Forum as a concert venue will continue if ownership does in fact change hands as expected.

Joey Kaufman is the sports editor for the Daily Trojan. You can follow Joey on Twitter, or contact him by email.