It’s a Wrestlemania VII shirt advertising that the event took place at the Los Angles Memorial Coliseum.
This shirt is hilarious!
Why, you ask?
Because (quoting from Wikipedia…):
WrestleMania VII was originally scheduled to be held at the Los Angeles Memorial Coliseum, but the WWF decided to move the event to the adjacent Los Angeles Memorial Sports Arena. The WWF’s stated reason for the venue change was that it had security concerns in the wake of Sgt. Slaughter’s portrayal of an Iraqi sympathizer during the Gulf War. The actual reason was due to poor advanced ticket sales, and the company have difficulty filling the estimated 100,000 seats available.