The board of the Museum of Contemporary Art will announce today that it accepts Eli Broad's bailout offer, will not merge with LACMA, director Jeremy Strick has resigned and former UCLA chancellor Charles Young will be the museum's CEO. According to the L.A. Times, the Eli and Edythe Broad Foundation will match contributions to MOCA’s endowment up to $15 million and provide $3 million a year for exhibition support for five years. Broad’s agreement calls for MOCA to “continue operating as an independent world-class contemporary art museum” and to maintain both its headquarters on Grand Avenue and the Geffen Contemporary space in Little Tokyo. The plan requires MOCA to “keep its collection intact and not sell any works of art.” MOCA board members have pledged or promised $20 million, the board chairs say.

Tyler Green: "The rash of non-arts people running museums was a 1990s management fad, and one that worked so poorly that it's almost-completely gone away. Here's hoping that Young is a mere transitional figure....Inexplicably, so far none of the MOCA trustees who put the museum in dire straits have resigned. Is there no responsibility ethic?"