USC-Coliseum deal is official

As expected, USC today approved a long-term agreement with the Coliseum Commission, one that will keep the school playing football in the historic stadium for at least the next 25 years.

The deal also gives USC veto power over any NFL deal, as well as board seats on the commission and at the California Science Center. Officially put to rest is USC’s threat of playing games at the Rose Bowl.

USC’s finance board gave its final approval today, two days after the commission voted unanimously in favor of the first long-term lease in the more than 80-year relationship between the parties. The school has the right to extend the agreement to 47 years, the length of the commission’s lease with the state.

“We are very pleased with the outcome of our negotiations and look forward to a long, mutually beneficial relationship with the Coliseum Commission,” said Kristina Raspe, USC’s associate senior vice president for real estate and asset management.

As part of the deal, the commission is required to make significant improvements to the stadium over the next several years. That renovation will be funded by the sale of naming rights, including USC’s name and logos.

If progress is not made at an agreed-upon pace, USC has the right to opt out of the lease after two years.

 sam.farmer@latimes.com