Under legislation Gov. Jerry Brown signed Thursday 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.
Mayor Eric Garcetti said the legislation “gives our LA Olympic and Paralympic bid even stronger financial protections — and more importantly, the strong support of our state’s leadership.”
“With this vote of confidence, we will continue our commitment to bringing a sustainable and innovative Olympic and Paralympic Games back to L.A. that focuses on the best experience for the athletes and fans,” he said.
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.
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