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USC Coliseum Lease Draft Released

USC's lease with the Coliseum Commission was released to the public Tuesday.

The USC Trojans have been playing football in the Los Angeles Memorial Coliseum since 1923, and it doesn't look like that will change anytime soon.

USC's lease with the Coliseum Commission was released to the public Tuesday (Photo courtesy AP).
USC's lease with the Coliseum Commission was released to the public Tuesday (Photo courtesy AP).

A draft of the proposed release contract between the University of Southern California and the Coliseum was released to the public Tuesday. The proposal would give USC full management rights if they pay a $1 million leasing fee to the state.

The Los Angeles Memorial Coliseum Commission, who manages the Los Angeles Memorial Coliseum and the Los Angeles Sports Arena, originally extended an invitation to USC to consider modifying the existing lease between the Commission and USC in 2011.

USC accepted the Commission's invitation and agreed to modify the lease from 2008, which governed the use of the Coliseum by USC.

Negotiations between USC and the Commission began in late 2011, and on January 11 the two parties released a "term sheet" which served as the basis for the proposal which was released Tuesday.

In a statement given by the Commission on their website, they said both parties hope that through the modified lease agreement that the Coliseum will continue to be a long-term publicly-owned asset for the neighborhood, the city and the region.

After a review and public comment period, the Commission will either approve or reject the proposed restated lease agreement.

The proposed agreement is now available on the Coliseum Commission website and all comments regarding the proposal should be sent to .

RELATED:

USC Negotiates Coliseum Management Deal

Coliseum Audit Exposes Questionable Practices

Judge Freezes Defendant's Assets in Coliseum Bribery Case

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