The Los Angeles Memorial Coliseum Commission, which consists of six voting members appointed by the three ownership interests and meets on a monthly basis, provides public oversight of the master lease agreement with USC. Under the lease the University has day-to-day management and operation responsibility for both the Coliseum and Banc of California Stadium properties. The 98-year lease took effect on July 29, 2013, and was signed by the parties on September 5, 2013. The agreement required the University to make approximately $100 million in physical repairs to the Coliseum, pay $1.3 million each year in rent to the State of California for the state owned land the Coliseum property occupies in Exposition Park, maintain the Coliseum's physical condition at the same standard used on the USC Campus, and assume all financial obligations for the operations and maintenance of the Coliseum and Banc of California Stadium Complex.
On Monday, January 8, 2018, the University began its $300 million project to renovate and improve the Coliseum. The project, which is solely funded by the University, is scheduled to be completed by the 2019 football season and is the first major upgrade of the stadium in twenty years. Once completed the capacity will go from about 93,607 to 77,500 and the project includes replacing every seat in the stadium along with the addition of luxury boxes and club suites. On January 29, 2018, United Airlines, Inc. became the stadium's first naming rights partner, thus making the stadium the United Airlines Memorial Coliseum; the name change will take effect August 2019.
The Coliseum is now primarily the home of the USC Trojans football team and the temporary home of the Los Angeles Rams (until their new stadium is completed). Most of USC's regular home games, especially the alternating games with rivals UCLA and Notre Dame, attract a capacity crowd. The current official capacity of the Coliseum is 78,467. USC's women lacrosse and soccer teams use the Coliseum for selected games, usually involving major opponents and televised games. USC also rents the Coliseum to various events, including international soccer games, musical concerts and other large outdoor events.
The Olympic cauldron (also known as the Olympic Torch) was built for the stadium's two Olympic Games. It is still lit during USC football games and for Los Angeles Rams games, and other special occasions (e.g., when the Olympics are being held in another city).
In addition, the torch has been lit on the following historic occasions:
In April 2005 following the death of Pope John Paul II, who had celebrated Mass at the Coliseum during his visit to Los Angeles in 1987.
At the Los Angeles Dodgers 50th anniversary game on March 29, 2008, during the ThinkCure! charity ceremony (While Neil Diamond's "Heartlight" was played and the majority of the attendees turned on their complimentary souvenir keychain flashlights.)