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Broke Coliseum Breaking Promises

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The Los Angeles Memorial Coliseum Commission admitted yesterday that it has no cash reserve and won't be able to make about $60 million in renovations that it'd promised to USC, which plays football in the Coliseum. According to the LA Times, "USC could make renovations on its own instead of paying rent to the commission; it could leave; or it could ask to receive a master lease giving it day-to-day authority over the publicly owned Coliseum. That would have USC oversee repairs, maintenance, the booking of events and require it to pay rent to the commission or the state." Wasn't USC just going to buy the place? [LAT]