TrojanWire

A New Stadium in Downtown LA?

1–2 minutes

December 4, 2007

This comes to us via an email. No idea on the source, but we’re publishing it anyways.

Word is out that USC might be looking at a longer-term plan to move to the Rose Bowl temporarily and then work with local sports moguls Casey Wasserman and AEG to revive previous plans for a new football stadium downtown next to Staples on land AEG owns and provide USC with a state-of-the-art stadium seating around 70,000.

The proposal would give USC significantly enhanced revenue from luxury suites and premium seating licenses, putting it more on par with programs like Notre Dame and Texas. It also puts AEG back in the hunt for a NFL team with a new stadium without taxpayer financing that has been a big stumbling block to previous LA stadium proposals.

The cost of the new facility, put at around $400-$600 million could be paid for by lease revenue bonds floated by USC, which because of it’s status as an academic institution with a billion dollar endowment, could service the notes at a steeper discount than what AEG could and earn a sizable return on its investment over the life of the bonds if a NFL team goes into the stadium.

The NFL has also promised at least one Super Bowl to LA should a new stadium be built, which would generate sufficient revenue in a single year to offset 25 percent of the overall cost of the construction bonds.

The only longer-term stumbling block to a NFL team returning has been finding an owner willing to pay the record projected $1 billion franchise fee.

The proposal would also ensure an extension of the Figueroa Corridor master plan, linking USC with the Galen Center and a proposed Exposition Park gateway entrance to the new LA Live complex being built by AEG.

The idea would effectively destroy the Coliseum and Sports Arena and render the Exposition Park area unusable for sports, thereby paving the way for another master plan for turning the area into badly needed mixed use housing and business for the local community and USC which is in desperate need of additional student and faculty housing.

6 responses to “A New Stadium in Downtown LA?”

Johnny

December 4, 2007 at 3:02 pm

“The idea would effectively destroy the Coliseum and Sports Arena and render the Exposition Park area unusable for sports, thereby paving the way for another master plan for turning the area into badly needed mixed use housing and business for the local community and USC which is in desperate need of additional student and faculty housing.”

that paragraph gives it away…you can’t tear down the coliseum cause it’s deemed one of those historical monuments. so basically if the article is true, the coliseum is going to really look like the coliseum of old. empty and broken down.

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Trojanita

December 4, 2007 at 4:59 pm

Only seating 70,000 people, the coliseum seats 92,000, which of the season ticket holders are they going to cut? And how are going to continue with our game day traditions, will we take the flag poles with us, so that we can continue kicking them before going to the games?

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daniel

December 4, 2007 at 9:15 pm

it’s not about tradition.

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Fight on

December 5, 2007 at 10:41 am

If you went to USC, you would appreciate that EVERYTHING at USC is about tradition.

This article, while interesting, is nothing more than blind speculation and has nothing to do with anything factual at this time.

USC will be back at the Coliseum next year. Just let the school have it out with the commission and like all business deals, a compromise will be reached. Everyone needs to take a deep breath and relax.

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trojannn234

December 6, 2007 at 1:46 pm

well you obviously aren’t a “trojanita” because its like daniel said everything about SC is tradtion. its a tradtional school. the threat to leave is probably just a ploy to get a better deal.

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Sally Struthers

December 9, 2007 at 3:58 pm

Everything at USC is about tradition??

Like letting in half lobotomized surfer kid legacies from the OC? Nah, they’re getting rid of that one.

I know, the convenience is nice, but that stadium sucks. Is it tradition to hardly see siting in the nosebleeds which is what you do once you graduate? No, no.

More money and a better stadium and affordable housing, what’s not to like?

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