From Rivals.com:
The Coliseum Commission voted unanimously to sign a letter of intent with USC, promising major improvements to the stadium. The letter outlines "key business terms" that the sides are set to include in a new lease agreement, which must be finalized in the next 60 days.
Here's what USC gets:
- A Commission-implemented program of about $100-million worth of "substantial capital improvements" to stadium. These will include upgrades to, among other things, the: sound and lighting systems; elevators and escalators; concession areas; seating; and video board.
- A 25-year lease, with multiple options that can extend the deal up to 47 years.
- A promise that stadium capacity will not be cut below 90,000 permanent seats.
- Veto power over bringing an NFL team to the Coliseum.
- Representation on the Coliseum Commission.
USC's primary concession was to lend university affiliation to whichever company purchases the naming rights for the Coliseum.
However, USC has some control over which company will pay -- an estimated $5 million a year over 10 years -- for the rights. The university's senior vice president for administration, Todd Dickey, said alcohol, tobacco, firearms and sex-related products cannot put their name on the stadium.
All I have to say is, HOME SWEET HOME!
