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USC Could Be the New Landlord of the LA Coliseum
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."