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The council, which owns the ground, said any deal would give the football club "complete control" over the stadium.
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The team would finance the project, at a cost of $250 million to $275 million, but wants the sports authority to hand over full management control of the stadium.
The Cubs would receive exclusive control over the use of the stadium and could sell advertising and the naming rights.
There was no control in the stadium last night.
USC, which was given control of the stadium by the Coliseum Commission in 2013, sold stadium naming rights for $69 million last year.
Private security personnel are supposed to be trained by 21 May, when Fifa takes over control of the stadiums.
Bottles rained down as police battled to gain control, while a helicopter hovered over the stadium.
It was brought over to the stadium, and a detail is sent over to fire it.
Riot police used tear gas and a helicopter hovered over the stadium in an effort to control the riots.
Fratton Park is controlled by Chainrai who is owed around £17m by the club and holds a fixed charge over the stadium as security.
A bit over anxious, which might describe the mood that is setting over the entire stadium.
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CEO of Professional Science Editing for Scientists @ prosciediting.com