LOS ANGELES—The Museum of Contemporary Art (MOCA), Los Angeles, has officially voted to accept Eli Broad's $30 million bailout offer, the Los Angeles Times reports. MOCA's director, Jeremy Strick, has resigned, and UCLA Chancellor Emeritus Charles E. Young has been appointed the museum's first chief executive.

Broad made his offer to the museum last month, soon after the Times reported that MOCA was in deep financial trouble as a result of vast overspending during Strick's directorship. Broad's offer was followed by a merger proposal from the Los Angeles County Museum of Art.

Under Broad's plan, his foundation, the Eli and Edythe Broad Foundation, will match contributions to MOCA's endowment up to $15 million and give an additional $3 million a year for five years for exhibitions. MOCA board co-chairmen Tom Unterman and David G. Johnson say that trustees have pledged more than $20 million in new money since the museum's dire financial situation became public.

The agreement calls for MOCA to "continue operating as an independent world-class contemporary art museum," maintaining both its main building and its Geffen Contemporary space. MOCA must "keep its collection intact and not sell any works of art." The museum will also kick off a new fund-raising campaign, "MOCA NOW," with a target of $75 million, 30 percent of which should come from the board of trustees.

Further terms of the agreement include: The museum must operate within an annual budget between $13 million and $16 million in cash expenses, although it may go above $16 million if it has the cash to do so; MOCA will "strengthen" its board of trustees; it will engage investment advisers to manage the endowment; and it will cooperate fully with the current inquiry being conducted by the California Attorney General into the museum's finances.

The agreement also includes a 90-day window in which "any responsible party [can] replace the Broad Foundation on identical terms."

"We're a donor — we're not on the board, we're not running MOCA in any way, shape, or form," Broad reassured.

Young will work as chief executive officer in association with a new advisory committee of arts leaders, including John R. Lane, president and chief executive of the New Art Trust and director emeritus of the Dallas Museum of Art; Joel Wachs, president of the Warhol Foundation; John Walsh, director emeritus of the J. Paul Getty Museum; and financial adviser Gary Cypres.

A successor to Strick has not yet been named.