Paris will be sworn in as host of the 2024 event at the same meeting.
Bid Chairman Casey Wasserman added, "Since our announcement that we would pursue the 2028 Olympic and Paralympic Games, we've worked closely with the City Council to ensure the 2028 Host City Contract is the best deal for our city and all Angelenos. The new Host City Contract also provides LA 2028 with a greater share of a Games surplus and an International Olympic Committee contribution of $2 billion".
Approval of the agreements is one of the final hurdles needed to officially bring the Games back to the Southland for the first time since 1984. In addition, a budget for the proposed 2028 Games has not been completed. "You can tell me other cities haven't been successful". The unprecedented awarding of the 2024 and the 2028 Games is becoming more of a reality as the protocol steps take their course. It is expected the council will rubber stamp the changes.
"The Los Angeles Olympics was the greatest time of my life", Lewis said. It's about bringing people together. However, the extra four years pose challenges for Los Angeles from maintaining public interest to rewriting deals for stadiums, arenas and housing that were all hooked to 2024. Under the terms of the 2028 host city contract, the IOC would advance $180 million to the Los Angeles organizing committee due to the longer planning period and to fund youth sports in the years leading up to the Games.
But Los Angeles' campaign was given a boost when Olympic leaders agreed to hand over a bigger portion of their broadcast and sponsorship revenue for allowing Paris to go first.
This includes receiving $1.8 billion (£1.4 billion/€1.5 billion) contribution has the potential to exceed $2 billion (£1.5 billion/€1.7 billion) according to the evaluation of the Los Angeles Bid Committee when taking into account the estimated value of existing sponsor agreements to be renewed and potential new marketing deals.More news: Discovery Communications, Inc. (NASDAQ:DISCK) EPS Analysis
In the two-hour meeting on Friday, representatives from Chief Legislative Analyst, City Administrative Officer and City Attorney reported briefly their assessments to the Host City Contract, Memorandum of Understanding and other actions for the 2028 Summer Olympic and Paralympic Games.
LA 2028 released its Memorandum of Understanding with the city and the United States Olympic Committee on August 9, outlining the new provisions given to the City Council to ensure nothing goes awry with an extra four years of lead time before the Games return to LA. City and bid committee officials are seeking legislation in Sacramento to have the state cover the cost of overruns between $250 million and $500 million.
With the legislature in recess, it is impossible to immediately guarantee they will approve the same amount for 2028.
However, both Assembly Speaker Anthony Rendon and Senate President Pro Tempore Kevin de Leon have submitted letters to the council stating their support for the '28 bid and commitment to work to secure the funding, which would be used to cover any budget overruns.
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