LOS ANGELES, Jan. 29 (Xinhua) -- The Los Angeles Memorial Coliseum, which has hosted two Olympics and is scheduled to hold the third one in 2028, will be officially renamed as the United Airlines Memorial Coliseum beginning in August 2019.

At a groundbreaking ceremony Monday morning, University of Southern California (USC), who operates the 95-year-old venue, announced it reached a naming rights agreement with the United Airlines to help sustain and renovate the historical stadium.

Under a 98-year-lease agreement signed in 1923 between USC and the Los Angeles city, county and California state, the USC has naming rights that would help underwrite the restoration.

The 15-year and 69-million-U.S.-dollar rename deal is a part of a 270-million-dollar project to restore and preserve the coliseum and upgrade its facilities, which is expected to be completed in time for the 2019 home opener of the USC's Trojans football team in August.

The new plans call for an overall reduction in seating capacity from 93,607 to about 77,500. All of the seating will be replaced, and new lighting and concession stands will be added. Also, a new area on the southern side will feature suites and a press box.

The Los Angeles Memorial Coliseum, which opened in 1923 and was originally commissioned as a memorial to honor World War I veterans of the city, has welcomed over 118 million visitors at more than 4,500 events including Olympics, two Super Bowls, a World Series and a papal mass.

The iconic coliseum will be home to both opening and closing ceremonies, as well as athletic events for the 2028 Olympics. Now it is home to the USC's football team as well as the temporary home to the Los Angeles Rams NFL, which will move to its stadium in Inglewood in 2020.