According to the LA Times; A school official at The University of Southern California confirmed this morning that the University has entered into negotiations with the state to purchase the land which hosts the coliseum and the Sports Arena. Odds are that the sale process could take up to a few months to finalize.
2 Immediate things folks of Los Angeles should keep on their radar;
1) Does this mean that stadium renovations are coming soon in order for Los Angeles to host a NFL team at the Coliseum?
2) Does this mean after a 5 year drought of no booze being sold during USC games, that the wait could finally be over?
“USC has a vested interest in preserving the Coliseum,” said Kristina Raspe, the school’s associate senior vice president of real estate and asset management. “This enables us to work more closely with the Coliseum Commission to ensure the success of the venue.”
Raspe said the school is also in negotiations to buy several parking lots in Exposition Park, although the museums and the surrounding lots are not part of the talks.
The deal, which was first reported by wearesc.com, also would allow the school to address its daytime parking shortage without impacting weekend and evening events at the Coliseum, Raspe said.
The Coliseum and Sports Arena are owned by the city, county and state. The state would still be part of the Coliseum Commission, which would have the same ground lease it currently has on the land, which is roughly $600,000 per year.
Raspe also said the university wants the parking and areas surrounding the venues to be on par with its campus. However, renovations to the football stadium would remain the responsibility of the Coliseum Commission.
(via The Los Angeles Times)
