Don't Hold Your Breath
Two conservative lawmakers want the state to sell its portion of the Coliseum (the land beneath the actual structure) to reduce the state's debt. Uh huh.
http://www.sacbee.com/111/story/702490.html
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Two conservative lawmakers want the state to sell its portion of the Coliseum (the land beneath the actual structure) to reduce the state's debt. Uh huh.
http://www.sacbee.com/111/story/702490.html
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Utterly not benefit to SC buying the land unless it comes with the Coliseum attached. In fact, why would anyone want to buy the land without the Coliseum?
And of course, why the hell is the State in so much debt to begin with? Perhaps Californians and Arnold should not have passed EVERY SINGLE SPENDING AND BOND MEASURE on the ballot last year. Idiots.
Utterly not benefit to SC buying the land unless it comes with the Coliseum attached. In fact, why would anyone want to buy the land without the Coliseum?
And of course, why the hell is the State in so much debt to begin with? Perhaps Californians and Arnold should not have passed EVERY SINGLE SPENDING AND BOND MEASURE on the ballot last year. Idiots.
Ever thrown a pea in the ocean and see what affect it has?-- Even if a buyer could be found in this poor market the money generated won't help California's deficit that much.
And isn't the state reaping rental income which would be lost by a sale to an independent buyer? And is SC going to stand by and allow a non-government entity to buy the land the coliseum stands on?-- Not likely; SC would join in the bidding, although I don't know where that money would come from (Galen Center was only erected because of the fortunate good heartedness of a private donor, Mr. Galen).
It is true the coliseum is not the highest economical use for that property-- condominiums would be. But at some point saving some of our old properties for future generations to enjoy might be the highest aesthetic use.
Boy, the thoughts of SC buying it are interesting. LJ is absolutely right, where would the money come from? But, I THINK that there are very few, if any, private college arenas that offer such lucrative mixed use potential. I believe that we have made overtures to buy it before, and if we dedicate the administrative resources to manage it properly, then perhaps it could be a cash flow positive investment, thereby attracting financial investors to support an SC-sponsored buyout. A renovated "USC Memorial Coliseum".....hosting an Olympics, SuperBowl, or World Cup event in the future? Now that would be cool, but it does sound like a bit of a pipe dream. Maybe Reggie could invest with some of his $50 million a year in endorsements......Bush Memorial Coliseum, anyone?