BrandArena: Los Angeles maps out $4.1bn budget for 2024 Olympics

Tuesday 11 August 2015

Los Angeles maps out $4.1bn budget for 2024 Olympics

Los Angeles officials have outlined a masterplan for the 2024 Olympics involving a $4.1bn (€3.72bn) budget, plus a $400m contingency to cover any cost overruns.

In an interview with The Times' editorial board Monday, Mayor Eric Garcetti said he is pushing for Los Angeles to be named as the replacement for Boston, which dropped its bid amid financial concerns last month.
2024 Olympics. Photo: Tony Duffy/Getty Images
Garcetti and his team have proposed to spend $500 million less than what Boston had planned and expect to finish with a $150-million surplus by generating billions in broadcast and sponsorship revenue.

"I think it is right for this city. I think it's who we are," the mayor said. "I think we benefit from it economically."

The U.S. Olympic Committee is expected to make a decision on a bid city by the end of the month and submit it to the International Olympic Committee by mid-September. Garcetti said he believes the USOC will choose his city.

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