State Senate leader proposes $250-million bill to cover 2024 Olympics overruns
Kevin de Leon applauds during Gov. Jerry Brown’s state-of-the-state speech on Jan. 21.
The leader of the California Senate has introduced a bill that would provide up to $250 million in financial guarantees as part of Los Angeles’ bid for the 2024 Summer Olympics.
Senate President Pro Tem Kevin de Leon (D-Los Angeles) has proposed the creation of an “Olympic Games Trust Fund” to help cover any potential cost overruns if L.A. were to be selected as host and hold the Games.
Mayor Eric Garcetti and the private LA 2024 bid committee have estimated the 17-day sporting event could generate enough money from broadcast rights, corporate sponsorships, ticket sales and other sources to cover a proposed budget that could exceed $6 billion.
However, some past hosts have accumulated massive deficits and the city must sign a contract with the International Olympic Committee promising to cover any costs that exceed revenues.
In a report issued Friday, city staff said de Leon’s bill -- SB 1465 -- is “consistent with the State’s prior practice of supporting California bid cities.”
Los Angeles is competing against Paris, Rome and Budapest for the 2024 Games. The IOC is scheduled to select a host in September 2017.
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