Los Angeles could get USD 2 billion consolation price from IOC for 2028 Olympics
Los Angeles had bid intensely for the 2024 Olympics but had to settle for the 2028 games after Paris won the right but the city could get additional USD 2 billion from the IOC.other sports Updated: Aug 01, 2017 20:46 IST
Los Angeles officials really wanted to host the 2024 Olympics, but settled for the 2028 games instead, along with a lucrative consolation prize — hundreds of millions of dollars in additional funding from the IOC.
On Monday, the IOC awarded the 2024 games to Paris and the 2028 games to Los Angeles. As part of the deal for Los Angeles officials to accept the four-year delay, the IOC agreed to give the city advance payments of USD 340 million, according to the New York Times. Of that, USD 180 million will compensate the organizing committee for an additional four years of preparation work, and USD 160 million will be earmarked for youth sports in the area, a payment usually made following the Olympics.
In all, Los Angeles could receive more than USD 2 billion in payouts from the IOC. And while recent Olympic host cities have struggled with debt problems, LA officials expect to run a surplus for the games, which they expect to host for a relatively frugal USD 5.3 billion budget.
“This deal was too good to pass up,” Los Angeles Mayor Eric Garcetti said Monday.
The 2024 and 2028 games will officially be awarded in an IOC vote on Sept. 13, which is expected to be a formality. Los Angeles previously hosted the Olympics in 1932 and 1984.