Troubled LA Museum Wins $30M Bailout

MoCA warms to Eli Broad amid reports that director has resigned
By Jason Farago,  Newser Staff
Posted Dec 19, 2008 7:27 AM CST
The Museum of Contemporary Art is nearing a decision to accept a proposed bailout plan from collector Eli Broad, scrapping a plan to merge with the Los Angeles County Museum of Art.   (Flickr)
camera-icon View 4 more images

(Newser) – LA's troubled Museum of Contemporary Art is moving toward a bailout deal with Eli Broad, reports the Los Angeles Times. The billionaire real estate investor and art collector offered MoCA a $30 million donation contingent on improved performance, which board members favored over a merger with the Los Angeles County Museum of Art. The move toward Broad comes amid unconfirmed reports that the museum's director has resigned.

One member of MoCA's board told the Times that Jeremy Strick stepped down during a "tearful" scene, but a museum spokeswoman denied the claim. Considered one of America's leading modern art galleries, MoCA neared bankruptcy as Strick spent the institution's endowment on operating costs and the financial crisis ate into what remained. A spokesman for Broad said that no formal deal has been inked.