Landlords of the Los Angeles Memorial Coliseum have granted USC control over the historic arena for the next century.
The Los Angeles Times says the California Science Center on Wednesday gave final approval to a 99-year lease.
The University of Southern California, which uses the stadium for football games, will pay the state $1 million or more in annual rent and will spend up to $100 million on improvements.
In return, USC gets to keep revenues from events at the Coliseum and neighboring Sports Arena. USC also has the option of tearing down the Sports Arena to build a professional soccer stadium.
The deal follows years of financial trouble and scandal at the Coliseum that led to criminal charges against former managers and a contractor.
AUDIO: KPCC's Nick Roman talks with Todd Dickey, the lead negotiator of the deal for USC.