Coliseum Profit More Than Doubles in Year
Profit from the Los Angeles Memorial Coliseum and Sports Arena was $3.087 million in the 1988-89 fiscal year, up 137.5% from the $1.3-million profit of the previous year, Coliseum Commission President Richard Riordan announced Wednesday.
The improved financial situation of the facilities was attributed particularly to the increased number of concerts brought in by the Coliseum complex’s new private management team, the business partnership of MCA Inc. and Spectacor Management group. The number of total events at the facilities also showed a marked increase during the year.
Meanwhile, it was announced that Peter Luukko of Spectacor will become the sole Coliseum complex general manager. Joel Ralph, who also has held that title, is moving back to Philadelphia to become a regional vice president of the Spectacor organization.
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