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USC Could Be the New Landlord of the LA Coliseum
Crowds turned out in 2008 to see the Dodgers play a rare game at the LA Coliseum (Photo by benchristen via the LAist Featured Photos pool on Flickr)
The University of Southern California is hoping to become the landlord of some historic Los Angeles property, according to the LA Times. The prestigious private university is "in negotiations with the state to buy the land on which the Los Angeles Memorial Coliseum and Sport Arena sit."
Included in the potential deal are several parking lots located in Exposition Park, however "the museums and the surrounding lots are not part of the talks." USC has declined to discuss details about the negotiations, however a representative from their real estate and asset management department acknowledges that the school "has a vested interest in preserving the Coliseum," and ownership of the venue would be part of seeing it remain successful.
If a deal is reached, the state would not be shut out of the Coliseum, as they would "still be part of the Coliseum Commission, which would have the same ground lease it currently has on the land, which is roughly $600,000 per year." Handing over the venue, which has hosted two Olympic games, will not happen overnight; the "actual process will take several months and will be subject to the approval of Governor-elect Jerry Brown's administration."
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But the game has changed: Congress voted to eliminate funding for public media across the country. Here at LAist that means a loss of $1.7 million in our budget every year. We want to assure you that despite growing threats to free press and free speech, LAist will remain a voice you know and trust. Speaking frankly, the amount of reader support we receive will help determine how strong of a newsroom we are going forward to cover the important news in our community.
We’re asking you to stand up for independent reporting that will not be silenced. With more individuals like you supporting this public service, we can continue to provide essential coverage for Southern Californians that you can’t find anywhere else. Become a monthly member today to help sustain this mission.
Thank you for your generous support and belief in the value of independent news.
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