Los Angeles City Council backs 2028 Olympic bid
The Los Angeles City Council on Friday (August 11) voted unanimously to authorize the city to sign a contract with the International Olympic Committee (IOC) to host the 2028 Summer Games.
The contract gives the city a greater share of any financial surplus from the Games and includes an IOC contribution of $2 billion but also leaves Los Angeles with any cost overruns associated with the $5.3 billion sporting event.
Under the agreement, LA 2028, the committee behind the city’s Olympic campaign, will invest up to $160 million to increase youth sports programs in the city during the 11 year run-up to the Games.
Los Angeles officials have said the city would not need to build any new permanent venues to host the Games since LA already has multiple stadiums, arenas and college campuses.
The vote clears the way for Paris to host the 2024 Games. The IOC is expected to vote to simultaneously award the 2024 and 2028 Games hosting rights when it meets in Lima, Peru in September.