Politics & Government
State Backs Up LA's Olympic Bid with $250 Million in Guarantees
If LA goes over budget while hosting the 2024 Olympics, California would provide $250 million, a signal of support to the Olympic Committee.
LOS ANGELES, CA -- Under legislation Gov. Jerry Brown signed this morning, the state of California will provide up to $250 million in guarantees if the city of Los Angeles goes over budget in its bid to host the 2024 Summer Olympic Games and Paralympic Games.
The Los Angeles City Council is weighing is latest bid to host the games amid questions about its cost and the city’s liability if financial estimates prove low.
The legislation, authored by Senate President Pro Tem Kevin de León, D- Los Angeles, will provide a financial backstop from the state in case of a budget shortfall. Bid leaders have estimated the Games could cost more than $6 billion but believe sponsorships, broadcasting rights and other revenue streams will more than cover the price tag, the Los Angeles Times reported.
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Paris and Budapest are competing with Los Angeles to host the Games. The International Olympic Committee will select the host city next September.
City News Service
