The University of Southern California (USC) is awaiting approval on privately funded $270 million renovations for the Los Angeles Memorial Coliseum.

The school announced the planned renovations in a news release Thursday, stating they would be part of its long-term lease agreement. First opened in May, 1923, the USC Trojans football team has played its home games at the Coliseum since.

"The Los Angeles Memorial Coliseum is a treasure not just for Los Angeles but for the state of California, and its renovation is long overdue," USC President C.L. Max Nikias said in the release. "Our Board of Trustees has enthusiastically endorsed our plans and we are pleased to now present them to the Coliseum Commission. We believe these renovations will strengthen the Coliseum's reputation as one of the world's great venues, and also will enhance our world-class athletic programs that utilize the Coliseum."

Under its long-term lease, USC was required to invest at least $100 million in renovations by the year 2054 and $70 million within the next 10 years. The renovations, which are planned to be finished in time for the 2019 season, require approval from the Los Angeles Memorial Coliseum Commission.

"We are committed to providing our players, coaches and fans with one of the best facilities in the nation," USC Athletic Director Pat Haden said in the release. "This needed renovation to a stadium built in 1923 will ensure that the game-day experience gives all fans options to enjoy the stadium's new amenities while recognizing the loyalty of our long-time fans. It also will provide our football team with a first-class facility and a home field advantage."

Read USC's full news release to see all the renovations the school has planned.