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vegassports-odds.com October 20, 2017


Olympics: LA approves host city contract for 2028 Games

13 August 2017, 07:35 | Kevin Scott

LA's Olympic Dream for 2028 is becoming a reality

LA's Olympic Dream for 2028 is becoming a reality

33 years ago today, the closing ceremonies of the 1984 Olympic Games in Los Angeles rolled in the end of a unique Olympic experience.

The City Council on Friday is expected to endorse documents at the heart of LA's plan to stage the 2028 Summer Games.

The contract gives the city a greater share of any financial surplus from the Games and includes an International Olympic Committee contribution of $2 billion but also leaves Los Angeles to cover any cost overruns associated with the $5.3 billion sporting event. They endorsed the bid in January after receiving a budget and an independent analysis of the spending plan, which were provided more than a month in advance.

Los Angeles started off competing with other cities around the world for the 2024 Games, but eventually all cities except L.A. and Paris dropped out. The IOC is expected to vote to simultaneously award the 2024 and 2028 Games hosting rights when it meets in Lima, Peru in September.

"The Los Angeles Olympics was the greatest time of my life", Lewis said.

Los Angeles' City Council have voted unanimously to authorise the signing of a Host City Contract with the International Olympic Committee (IOC) for the 2028 Olympic and Paralympic Games. The IOC also agreed to funnel any of its profits from the Games back to the city. The contract outlines financial responsibility, although a budget has not been completed.

The council's unanimous decision will put tax dollars at risk by making the city responsible for any shortfall if the massive, $5.3-billion sports event goes over budget.

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Today the City Council Chamber was buzzing with 50 Olympic and Paralympic athletes and City leaders who joined LA 2028 to express their support for bringing the Games back to LA.

"My top priorities in this process are to protect Los Angeles taxpayers and create new opportunities for young Angelenos to play sports, and be healthy", Garcetti said in a statement before the vote.

"This new MOU ensures that our City priorities remain front-and-center in LA 2028's preparations for the Games".

Under the agreement, LA 2028, the committee behind the city's Olympic campaign, will invest up to $160 million to increase youth sports programmes in the city during the 11 year run-up to the Games.

With the legislature in recess, it is impossible to immediately guarantee they will approve the same amount for 2028. L.A. would cover the first $250 million in overruns and any over $500 million.

Earlier this week, a report by the City Administrative Officer and Chief Legislative Analyst stated that committing to the Olympics more than a decade in advance would bring "greater uncertainty".



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