LA Coliseum Can't Afford Promised $60M Renovations
LOS ANGELES (AP) — The Los Angeles Coliseum Commission says it can't afford $60 million in stadium renovations it promised to the University of Southern California.
USC has several options under its contract for playing Trojan football games at the neighboring Coliseum, including takeover of renovations on its own instead of paying rent to the commission. USC pays about $1.8 million a year to lease the Coliseum.
University executive Kristina Raspe says USC is committed to working with the Coliseum Commission to make the aging facility a first-class stadium once again.
The Los Angeles Times says the nine-member joint state-city-county commission is expecting an operating loss of $302,000 for the fiscal year that ends June 30. The commission's nearly $12 million cash reserve three years ago has now dwindled to $1.6 million.
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