The ongoing Los Angeles Memorial Coliseum renovation is about $30 million over budget, according to a recent update from USC officials.
The Coliseum is in the midst of a multi-phase renovation that will modernize several aspects of the facility, and better position it as the long-term home of USC football. Once this project is complete in 2019, the Coliseum will feature a reduced seating capacity–from over 93,000 down to 77,500–along with new seats, premium areas, party decks, and other features.
USC estimated the renovation at $270 million when it was unveiled in 2015, but the university says that the project is currently about $30 million over budget–mostly attributed to increasing labor costs. However, USC indicates that the renovation and fundraising efforts are still in good shape. More from the Orange County Register:
The overrun was attributed primarily to increased labor costs. Construction crews are working double shifts, totaling 20 hours per day, to ready the stadium for use in the 2018 season. The start of construction was also delayed about a week after the Rams, who share the stadium, reached the playoffs and hosted the Atlanta Falcons in an NFC wild-card playoff game.
“We’re still in good shape,” said Steve Lopes, the USC athletic department’s chief operating officer, “and we’re continuing to raise funds.”
Lopes said the school has raised $262 million in cash and pledges from Trojan Athletic Fund donors and will bring in additional revenue over the next decade from a lucrative naming-rights agreement with United Airlines. The deal with the airline company is worth $69 million over 16 years and takes effect in 2019.
For the 2018 football season, the Coliseum is expected to feature a capacity of around 80,000. Along with USC, the Coliseum is serving as the home of the NFL’s Los Angeles Rams. The Rams will remain at the Coliseum for the 2018 and 2019 seasons to accommodate construction of their new stadium in Inglewood, which is expected to open in 2020.
RELATED STORIES: New for 2019: United Airlines Memorial Coliseum; USC Kicks Off Construction for Coliseum Renovations; USC Season Ticket Holders to be Relocated as Part of Coliseum Renovations; Los Angeles Coliseum Renovation Pitched by USC