The cost of hosting the 2024 Olympics in Los Angeles will be $4.6 billion, with a projected profit of $161 million, according to the nonprofit working to bring the international sporting event to the city.
The LA24 nonprofit released a draft bid book Tuesday that includes an August update of the budget submitted to the United States Olympic Committee in December and details how the Olympics might be run in Los Angeles.
The budget is projecting that the International Olympics Committee will contribute $1.5 billion or 31 percent of the revenue, with the domestic sponsorships and ticket revenue making up the other two thirds of the expected revenue.
The total revenue being projected is $4.8 billion, which would result in a $161 million profit for the LA24 nonprofit.
The 200-page bid packet calls for the Olympics Village to be next to the Los Angeles river in Lincoln Heights — in a Union Pacific rail yard known as the “Piggyback Yard” — and for the Olympics Stadium to be at a newly renovated Los Angeles Coliseum.
The bid also designates sports venue clusters in downtown Los Angeles, Hollywood, the San Fernando Valley, coastal areas like Santa Monica and the area around UCLA and the South Bay.
The Los Angeles City Council is expected to decide this week whether the city should officially join the bid effort — which is being led by the LA24 nonprofit that was set up by Mayor Eric Garcetti and businessman Casey Wasserman.
The council is expected to vote Wednesday on whether to form an ad hoc committee “to oversee and coordinate the city’s bid and participation in hosting the 2024 Summer Olympics,” according to a motion.
The seven-person panel would be chaired by Council President Herb Wesson, with Councilman Gil Cedillo as vice chair. Other members are council members Mike Bonin, Joe Buscaino, Paul Krekorian, Mitch O’Farrell and Curren Price.
The panel is expected to meet on Friday to discuss a joinder agreement that is needed as the “first step” for the bid to the USOC to move forward.
City leaders, including Wesson and Garcetti, are being asked to the sign the agreement, which would mean that “Los Angeles will pursue the games” in the event that the USOC chooses Los Angeles as the nation’s bid city, Wesson spokesman Vanessa Rodriguez said.
The agreement is set to go to a City Council vote Wednesday, but Rodriguez said the vote will likely be moved to Friday to give council members time to read through the 200-page bid book released Tuesday.
– City News Service