LOS ANGELES : Wachs Urges Investigation of Failed Coliseum Plan
City Councilman Joel Wachs called Wednesday for an investigation by the council of the circumstances involved in the collapse of a plan by the Spectacor partnership to renovate the Los Angeles Memorial Coliseum with private financing.
“If this project is a bad one for private investors, then it certainly must be a bad one for the taxpayers,” said Wachs, who has a resolution pending in the council opposing the use of any public money for Coliseum renovations.
Since he and other council members want to retain a professional football team in the Coliseum, Wachs said, the city “must now find a new private firm which can put together a workable plan.” In the meantime, he added, Spectacor should be dropped as private manager of the Coliseum and Sports Arena when its contract expires next year.
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