Los Angeles Memorial Coliseum Commission officials acknowledged last week that they are not in a financial position to make $60 million in renovations to the 88-year-old stadium, thus breaking a promise to the University of Southern California, which leases the venue for home football games.
According to the Los Angeles Times, the Coliseum's locker rooms have sustained water damage, its plumbing is antiquated, restrooms are inadequate in number and functionality, and concessions areas lack basics such as cash registers and ice machines. More than 90,000 seats were due for replacement this year at a cost of roughly $15 million, but the commission opted instead to invest $6 million in video board improvements.
The Coliseum is expected to finish the fiscal year, which ends June 30, with an operating loss of $302,000. The commission also disclosed that it essentially has no cash in reserve. As recently as 2008, the commission held nearly $12 million. Today, that figure is $1.6 million. If USC leaves its longtime football home, which it currently leases for about $1.8 million a year, the commission will fall into the red.
Leaving is just one option facing USC. It could make renovations on its own in lieu of paying rent to the commission or it could request a master lease, giving the university day-to-day authority over the publicly owned Coliseum - from repairs and maintenance to the booking of events - while paying rent to the commission or the state.
Kristina Raspe, USC's associate senior vice president for real estate and asset management, told Times reporter Rong-Gong Lin II, "USC remains committed to working with the Coliseum Commission to find a way to achieve the improvements needed for the Coliseum to become a first-class stadium once again."
Last October, the Pasadena City Council approved a $152 million renovation of the Rose Bowl, the 88-year-old home of USC's arch rival UCLA.
