The Rose Bowl and adjacent golf course are managed by the Rose Bowl Operating Company, a non-profit organization whose board is selected by council members of the City of Pasadena. UCLA and the Pasadena Tournament of Roses also have one member on the company board. In 2007 it was reported that Rose Bowl stadium itself runs on a yearly operational loss. While it generated funds with the annual lease with UCLA ($1.5 million), the Tournament of Roses ($900,000), and a regularly hosted flea market ($900,000), it makes up the loss by relying on funds generated by the adjacent city-owned golf course ($2 million). The stadium at the time was unable to finance many of the capital improvements it needed to be considered a modern facility, including new seats, wider aisles, additional exits, a wider concourse, a renovated press box, a state-of-the-art video scoreboard, new field lighting, ribbon boards, extra suites and a club. The estimated cost for such improvements ranges from $250 million and $300 million. The stadium had long-term leases with its two major tenants, the Pasadena Tournament of Roses (2019) and UCLA (2023). In 2006, the Rose Bowl and the City of Pasadena launched a $16.3 million capital improvement program that benefited both UCLA and the Tournament of Roses. New locker rooms for both UCLA and visiting teams, as well as a new media interview area were constructed. The USC Athletic department attempted to negotiate with the Rose Bowl to play games there in 2007, out of concerns that the Los Angeles Coliseum Commission would not negotiate, in a decade-long rent impasse between the Commission and the University.