But a rupture happened not long after, with Broad declaring that, despite assumptions, he would not be donating a significant part of his art collection to the museum. Prior to Broad’s rescue of MOCA, the 79-year-old billionaire had provided the funds to create a self-named contemporary art building at LACMA. These latest developments fit into what many see as an unresolved jockeying for power between Broad, who is building his own museum downtown next to MOCA’s Grand Avenue location, and Michael Govan, the charismatic director of LACMA, who has brought on such high-profiles trustees as Brian Grazer, CAA’s Bryan Lourd, Lyn Davis Lear, Willow Bay and Barbra Streisand. LACMA also made an overture to take over MOCA at that time, presaging its newest bid. On November 19, 2008, the Los Angeles Times reported that The museum has burned through 20 million in unrestricted funds and borrowed 7.5 million from other accounts. The museum - whose board includes such entertainment industry names as WME Entertainment’s Ari Emanuel and producer Darren Star and is chaired by TV writer-producer Maria Arena Bell and entertainment lawyer and producer David Johnson - was rescued with a $16 million donation from billionaire philanthropist Eli Broad. The Museum of Contemporary Art (MOCA), has been incapacitated by a crushing financial crisis of its own making. ![]() In 2008, it emerged that the museum’s endowment had shrunk in the space of nine years from about $43 million to $6 million. MOCA, which holds one of the world’s greatest troves of contemporary art and has been instrumental in turning Los Angeles into an art capital with its deeply researched and innovative programming, went into a financial free-fall in the mid-2000s.
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