SBD/July 19, 2012/Facilities

L.A. Coliseum Expected To Lose Millions For FY '12-13; Group Sued By Nonprofit, L.A. Times

FY '12-13 losses expected to be one-third of the Coliseum's total operating budget
The L.A. Memorial Coliseum Commission yesterday learned that it is “expected to lose millions of dollars this fiscal year, driving the taxpayer-owned stadium into a much deeper financial ditch as it reels from a costly corruption scandal,” according to Lin II & Pringle of the L.A. TIMES. The dire forecast “came on the same day” that the L.A. Times and local nonprofit Californians Aware “sued the Coliseum Commission, accusing it of violating state laws by deliberating a lease in secret with USC and failing to release numerous public records.” The suit seeks to “nullify the Coliseum Commission's approval in May of the 42-year lease that gives USC near-total control of the historic stadium.” The commission sought the new lease after “running out of money to pay for stadium upgrades it promised USC under the current agreement.” The panel learned yesterday that “losses for the year ending next June 30 would probably total about $5 million -- roughly a third of the Coliseum's total operating budget.” A budget report showed that in May, the Coliseum Commission's losses “jumped to $435,000 -- nearly seven times the projected amount.” Coliseum officials said that among the property's “mounting expenses are legal fees and insurance premiums, which have increased largely because of the scandal.” Commissioners “defended the administration of interim General Manager John Sandbrook, who took the helm in March 2011, after the resignation of Patrick Lynch” (L.A. TIMES, 7/19).
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