The Los Angeles Memorial Coliseum Commission on Monday approved a landmark agreement to surrender public control of the 88-year-old stadium to USC.

The 8-1 vote, with Commissioner Bernard C. Parks opposing, caps months of secretive negotiations as the stadium's governing panel, which is jointly controlled by the state, county and city, has hurtled toward financial ruin. The Coliseum commission has been struggling with a corruption scandal that has led to the arrests of three of its former managers, a janitorial contractor and two rave promoters that held concerts there.

USC and the Commission majority have said the deal is important to modernize the dilapidated stadium, which has lacked maintenance for years and needs its seats replaced. Sports industry experts say the deal offers USC virtually all the practical advantages of owning the Coliseum without forcing the school to buy it.

COLISEUM UNDER SCRUTINY: FULL COVERAGE

A state report in 2005 valued the Coliseum grounds at between $240 million and $400 million. The lease deal calls for USC to invest $70 million to renovate the stadium, take over the Coliseum's $1-million rent to the state, and give the university control over revenue. The private school is seeking control of the stadium for 99 years.