Eli Broad not to renew $15-million five-year LA MOCA funding

The Los Angeles Museum of Contemporary Art/Los Angeles Times

LA MOCA's main funder Eli Broad has stated that he currently has no plans to renew his $15-million, five-year funding of the museum, the LA Times has reported.  Broad became MOCA's leading funder in December 2008, with a pledge of up to $30 million that allowed the museum to remain independent. Broad agreed to provide $3 million a year for five years, to support MOCA's exhibitions but the last quarterly installment of $750,000 from his Broad Foundation is due in October.

MOCA is also searching for a new museum director to replace Jeffrey Deitch, whose resignation was announced in July, three years into his five-year contract.

Broad's own new museum, to be called the Broad , and which will have free admission, is currently under construction and due to to open near MOCA in 2014.