Los Angeles, CA -- (Sports Network) - Southern California and the Los Angeles Memorial Coliseum Commission have reached a tentative agreement Wednesday on the terms of a new 25-year lease.

The parties signed a letter of intent agreeing to key business terms that will be the basis of the lease, and gives them 60 days to enter a formal and binding lease agreement.

"Signing of this document is a significant step forward in USC's efforts to repair and restore the Coliseum and ensure that USC is able to continue its long football tradition at this historic facility," said USC Senior Vice President for Administration Todd Dickey.

A key part of the agreement included a 25-year term that could extend up to 47 years.

Otherwise, USC agreed in principle to pay: 50 percent of game-day expenses within the stadium; rent equal to eight percent of all gross ticket sales for home football games; and an eight percent revenue from TV broadcasts of the games attended by 70,000 or fewer people.

USC will retain right of consent over football teams - professional or amateur - that want to play in the stadium.

Of particular note is that the two parties will participate in an effort to find a naming rights sponsor, led by the Commission -- though USC will have representation on this commission.

The Coliseum Commission agreed to put forth a capital plan to improve, replace, or upgrade most facets of the stadium: sound, lighting, elevators, escalators, restroom facilities, concession areas, fencing, seating, field drainage system, locker rooms, video/scoreboards, and life safety features.

The agreement ends any chance of USC moving to the Rose Bowl and gives the school veto power on any potential arrangement between the Coliseum and NFL.