With the deadline looming to submit another round of bid materials to the International Olympic Committee (IOC), Los Angles city leaders have questions regarding what legal and financial protections need to be in place should L.A. be selected to host the 2024 Summer Olympic Games.
Leaders of the Olympic bid have said that the cost of the Games could exceed $6 billion, but sponsorships, broadcasting rights, and other revenue streams are expected to cover these costs with a $161-million surplus. However, several City Council members questioned what protections would be in place should the city have a shortfall in funding or an unforeseen disaster.
Los Angeles is in competition with Paris and Budapest to host the 2024 Summer Olympic Games– the IOC will choose a host city in September of 2017. The second round of bid materials is due October 7th, and the L.A. City Council was scheduled to further discuss the bid materials on Friday.
Until recently, Rome was also a contender, but this week their city council voted to end their bid for the Olympics. Barring any kind of political impeachment of that council, the battle will now be down to 3.