Eli Broad Ends $15 Million Funding for LA MOCA as New Museum Nears Opening
Eli Broad, the primary benefactor of the Museum of Contemporary Art in Los Angeles, will not extend his $15 million, five-year financial commitment to the institution, as reported by the LA Times. His Broad Foundation's final quarterly payment of $750,000 is scheduled for October. Broad initially pledged up to $30 million in December 2008, securing MOCA's independence, with annual support of $3 million over five years dedicated to exhibitions. Concurrently, MOCA is seeking a replacement for director Jeffrey Deitch, who resigned in July, three years into his five-year contract. Meanwhile, Broad's own museum, the Broad, is under construction and set to open nearby in 2014 with free admission.
Key facts
- Eli Broad will not renew $15 million funding for LA MOCA
- The Broad Foundation's last $750,000 installment is due in October
- Broad pledged up to $30 million in December 2008 to maintain MOCA's independence
- Funding provided $3 million annually for five years for exhibitions
- MOCA is searching for a new director to replace Jeffrey Deitch
- Deitch resigned in July, three years into a five-year contract
- The Broad museum is under construction and will open near MOCA in 2014
- Admission to the Broad will be free
Entities
Institutions
- Museum of Contemporary Art Los Angeles
- Broad Foundation
- LA Times
- the Broad
Locations
- Los Angeles
- United States