LOS ANGELES (AP) — The University of Southern California has won a state board’s approval to take control of the Los Angeles Memorial Coliseum for nearly a century.
The Los Angeles Times says the governing board of the California Science Center – the Coliseum’s landlord – voted Tuesday to adopt basic terms of a 98-year lease.
USC will get most revenues from the historic arena, where it holds football games. The school will pay $1 million in annual rent to the state and will spend at least $70 million to upgrade the stadium over a decade. USC also gets the option to tear down the neighboring Sports Arena.
The deal still requires approval from the Science Center board and two state agencies.
Spokesman Thomas Sayles says USC could take over this summer.
(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)