USC, Coliseum Commission Sign First Long-Term Stadium Lease
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USC Agrees To Long-Term
Lease For L.A. Coliseum |
The Univ. of Southern California (USC) and the L.A. Coliseum Commission yesterday "signed off on their first long-term lease, one that will keep [USC] playing football" at the L.A. Memorial Coliseum for at least 25 years, according to Sam Farmer of the L.A. TIMES. The 25-year deal "can be extended to 47, matching the commission's lease with the state, which owns the land on which the Coliseum sits." Under the deal, USC gets "veto rights over an NFL team returning to the stadium, which means the school can ensure the seating capacity never drops below 90,000." The deal also includes "significant improvements to the Coliseum," including new video displays, concession areas, seating, drainage systems, locker rooms, elevators and escalators, none of which USC will have to fund. The commission, as part of the deal, can "use USC's name, logos and images as part of a potentially lucrative naming-rights deal," and also will receive 8% of USC ticket sales, which in '07 "amounted to $1.6[M]" (L.A. TIMES, 5/15).
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