The Los Angeles Memorial Coliseum Commission has two separate ground leases, dated January 3, 1956, with the State of California for the Memorial Coliseum and Memorial Sports Arena properties. On September 3, 2003, the Commission extended both leases to December 31, 2054. The rental terms for the 49-year extension were subject to a separate negotiation between the Commission and the State. The rental terms were stated in a subsequent amendment executed by the Commission and the State on February 13, 2008. Until December 31, 2054, the State, the County of Los Angeles and the City of Los Angeles each possess a one-third interest in the buildings and improvements. On January 1, 2055, full ownership of the two facilities reverts to the State.
The Los Angeles Memorial Coliseum Commission and the University of Southern California (USC) implemented the Second Amendment to Lease and Agreement By and Between the Los Angeles Memorial Coliseum Commission and University of Southern California effective July 29, 2013, which transferred the responsibility for the long-term operation and maintenance of the Memorial Coliseum and Memorial Sports Arena to USC.
The Commission is a governmental entity created by a Joint Powers Agreement between the City of Los Angeles, the County of Los Angeles, and the California Science Center (State of California).