The Los Angeles Memorial Coliseum Commission has finalized (but not yet passed) a lease that would put USC in control of the Los Angeles Memorial Coliseum, aka Trojan football home turf. USC has been negotiating for a while now to take over in exchange for making much-needed improvements (read about an earlier version of the proposed lease here). Meanwhile, the Coliseum has been the subject of scandal after scandal; last month, "criminal charges were filed against three former Coliseum managers, two prominent rave concert promoters and a stadium janitorial contractor," according to the LA Times, and that's just the tip of the iceberg. The property is also losing money: $1.4 million in the last year. Here's some of what's covered in the deal with USC--it's a bit complicated because the state owns the land under the Coliseum; the Coliseum Commission leases it from the state in a deal that will expire in 2054, and will sublease it to USC.
-- The lease covers the Coliseum, the Sports Arena, and some of the parking lot parcels.
-- Options to lease for up to 42 years, with the end of the lease coinciding with the end of the Commission's lease on the state property, on December 31, 2054.
-- USC is currently negotiating a deal with the state to control the property after 2054, for a total of 99 years.
-- USC would have to pay about $1 million in rent annually.
-- USC would also have to make significant renovations to the stadium--it's said it'll put about $70 million in.
-- Large events, totaling more than 25,000 people, would be limited to 25 times year (according to the LAT, "state and county museums near the Coliseum have expressed concern that too many large events will overwhelm the parking lots").
-- The Coliseum Commissioners will get 90 free tickets to USC games, which is about half of what they get now. They'd also get premium parking and "access to a VIP hospitality area on game days."
The new lease could be passed in early May.
· Coliseum unveils proposed lease with USC [LAT]
· Here's What's In the Potential USC-Memorial Coliseum Deal [Curbed LA]
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