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WITHOUT MONEY OR TENANTS, L.A. COLISEUM PLANS FOR SUITES
Published March 2, 1995
Without leases for the Raiders and USC or any money for capital improvements, the L.A. Coliseum Commission yesterday went ahead with a decision to try and build 21 luxury suites on top of a planned new press box by next fall. The Commission later acknowledged that it may not be able to obtain the $10M loan needed to build the suites. Commission President John Ferraro called the action "an indication we want to move ahead." The construction of the press box is expected to be financed through a $6M earthquake repair grant from the federal government. The Raiders did not play out their option to play in the stadium in '95. However, the team, currently in negotiations with Hollywood Park officials for a new stadium, still could play in the Coliseum in '95, but not rent-free as it did in '94. Negotiations between the Coliseum and USC "have been hampered" by the school's "unwillingness" to pay rent if the Raiders do not (Kenneth Reich, L.A. TIMES, 3/2).