Home International Olympics

California Promises Financial Backing for Los Angeles 2028 Olympics

203
0
Los Angeles mayor Eric Garcetti speaks as LA2024 bid chairman Casey Wasserman applauds at left during a news conference Monday at StubHub Center. Photo: Kirby Lee-USA TODAY Sports

California’s state government has pledged financial support for Los Angeles’ bid for the 2028 Olympic and Paralympic Games in the same way they were due to back the 2024 event.

The city announced last week it has switched to focus on the later event – leaving Paris as the sole candidate for 2024.

Both cities are due to be officially confirmed as hosts at the International Olympic Committee (IOC) Session in Lima on September 13.

“Securing the 2028 Games reflects a significant achievement,” California State Assembly speaker Anthony Rendon said in the letter to Mayor Eric Garcetti and City Council President Herb Wesson, reported by the Los Angeles Times.

“It will benefit the city and the entire state as we showcase the best of Los Angeles and California – with the whole world watching.”

It is hoped that these funds will never be needed.

At present, it is expected that the new Bill will be identical to the one passed easily last year committing a $250 million financial guarantee from the State of California.

The figure has not yet been determined, however.

City Councilman Paul Krekorian has suggested that the State should consider upping its contribution because of inflation given the later time frame.

“It occurs to me that as we’re talking to the Legislature, perhaps we should discuss with them a similar increase because of the additional cost,” Krekorian aid.

A Los Angeles City Council vote to confirm their support for 2028 is thought possible within the next week even if a final budget or independent evaluation has still not happened.

A special meeting of the Ad Hoc Committee of the Summer Olympics is due to take place on Friday (August 11).

The California city will receive concessions from the IOC for hosting the later event.

This includes receiving $1.8 billion contribution has the potential to exceed $2 billion according to the evaluation of the Los Angeles Bid Committee when taking into account the estimated value of existing sponsor agreements to be renewed and potential new marketing deals.

Los Angeles will also be exempt from other payments and will retain the option of selling domestic sponsorship in categories not covered by the IOC.

It will also be allowed to keep all surplus profit that it makes.

By Nick Butler

Republished with permission from insidethegames.biz

LEAVE A REPLY

Please enter your comment!
Please enter your name here