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Metro Digest

Local News in Brief : Coliseum Bids Released

October 28, 1987

A bid by the partnership of Weintraub International Enterprises and the Madison Square Garden Corp. to privately manage the Los Angeles Memorial Coliseum and the neighboring Sports Arena calls for initial improvements totaling $5 million for the Sports Arena and $3 million for the Coliseum, according to documents released Tuesday.

The partnership would retain the first $500,000 in annual operating income but pay half of the next $500,000 and 25% of anything beyond $1 million to the Coliseum Commission.

This contrasts with a bid released Monday by a partnership of MCA Inc.'s Musical Entertainment Group and Spectacor Management to make $10 million in initial Sports Arena improvements, and to pay the commission $1 million a year if the Los Angeles Raiders stay in the facility, or $525,000 a year, plus 20% of any annual operating income of more than $1.78 million, if the team leaves.

Both groups will make oral presentations at the next commission meeting Nov. 4.

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