MOCA Makes a Deal With Eli Broad for Bailout
Our ailing outpost for contemporary art has reached a preliminary agreement with wealthy philanthropist Eli Broad for financial rescue, the New York Times is reporting. "The agreement, which the board voted on at a long meeting Thursday afternoon, is not final and is subject to numerous conditions, including Mr. Broad’s examinations of the museum’s financial accounts, according to the people, two of whom attended the meeting on Thursday." Broad went on the record several weeks ago as believing that Los Angeles was not a "one-philanthropist town" and urged people to rally to aid MOCA. One institution has rallied--LACMA--and their deal hasn't been entirely dismissed. In fact, if the Broad bailout doesn't work, a merger of the museums could very well be the next option. MOCA expects to announce their plans as early as next week.