The Los Angeles City Council has approved the LA28 Games agreement to support hosting the Olympic and Paralympic Games in 2028 at no cost to the city.
Los Angeles Mayor Eric Garcetti looks forward to his city again being in the Olympic spotlight.
“Los Angeles is ready to host the Olympic and Paralympic Games, and 2028 is an incredible opportunity to build a lasting community legacy which begins now, and will continue benefitting our city for years,” said Garcetti. “This agreement lays out a framework for LA28, the City of Los Angeles and partners to develop these opportunities with strong oversight to protect the city from financial risk.”
LA28 has already laid out a plan to use existing venues and accommodations, with no need for any construction of a new permanent venue.
Tokyo initially projected a budget of $7.4 billion for hosting the 2020 Games, but Japanese government auditors have placed the actual spending over $20 billion, which would be the most expensive Games on record.
Kathy Carter, the CEO of the LA28 Olympic and Paralympic Organizing Committee is projecting a budget under $7 billion, with the spending being offset by revenues from sponsorships, tickets sales and other sources including the International Olympic Committee.
“We are going to host a Games that are on time and on budget,” Carter has previously said.
This will be the third time Los Angeles has hosted the Summer Olympics, having previously hosted in 1932 and 1984. It will be their first time hosting the Paralympics.
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