LA 2024 Olympic bid budget one-quarter the size of Tokyo 2020

Los Angeles 2024
LA 2024
0 Comments

The Los Angeles bid committee for the 2024 Olympics released details of a nearly unheard-of budget plan Friday, insisting $5.3 billion will be enough to cover both operational and infrastructure costs for an Olympics that won’t need any new, permanent stadiums.

The cost would be less than half that of the recently completed Rio Games and about a quarter of Tokyo’s ballooning budget for the 2020 Olympics.

It also defies convention in the Olympic bidding business, in which cities traditionally deal with two figures — one for operational costs and one for “non-Olympics” costs that cover capital and infrastructure.

Bid officials say they can do this because more than 30 venues already exist in the L.A. area and those that don’t will be built as temporary structures. The bid folded in $1.2 billion for infrastructure, which would primarily be used for temporary venues and to bring existing ones up to Olympic standards.

“If LA is chosen to host the 2024 Games, the IOC does not have to worry about changing or evolving budgets, shifting competition venues or uncertainty about the delivery of the Games,” bid chairman Casey Wasserman said.

Los Angeles is going against Paris and Budapest, Hungary. Preliminary figures for Paris called for an infrastructure budget of $4.5 billion and operational costs of $4.8 billion, with 95 percent of the city’s proposed venues either temporary or already in existence. The next deadline for cities to submit candidate files, which will include updated budget figures, is Feb. 3. The Games will be awarded next September.

Gone from Los Angeles’ budget was a one-time projected surplus of $161 million. In its place is a $491 million contingency fund that would cover cost overruns.

Wasserman said all the figures are conservative and the numbers come in low because no major construction projects are needed. Los Angeles has already committed to more than $200 billion in transit and airport projects, regardless of whether it wins the Olympic bid. Often, projects such as those get approved in conjunction with an Olympic bid.

In providing a $5.3 billion budget, Los Angeles is playing to the International Olympic Committee’s attempt to keep costs — and building — in check; decades of runaway spending have greatly reduced interest in hosting.

Rio de Janeiro is expected to come in with a bill of between $10 billion and $12 billion for its recently completed Olympics.

Meanwhile, Los Angeles released its figures only hours after an IOC vice president called Tokyo’s $20 billion budget unacceptable. A government panel in Japan has said costs could reach $30 billion, more than four times the initial estimate.

Wasserman said the IOC will not be surprised when it sees all items wrapped into a single L.A. budget.

“The process has been very open and transparent,” he said.

The budget was also being independently reviewed by the accounting firm KPMG, which was expected to release its findings later Friday.

The bid’s top revenue sources are domestic sponsorship ($1.93 billion), ticketing ($1.47 billion) and IOC contributions from broadcasting ($855 million) and sponsorship ($453 million).

VIDEO: Los Angeles Olympic bid venues

Joel Embiid gains U.S. citizenship, mum on Olympic nationality

Joel Embiid
Getty
0 Comments

Philadelphia 76ers All-Star center Joel Embiid said he is now a U.S. citizen and it’s way too early to think about what nation he would represent at the Olympics.

“I just want to be healthy and win a championship and go from there,” he said, according to The Associated Press.

Embiid, 28, was born in Cameroon and has never competed in a major international tournament. In July, he gained French nationality, a step toward being able to represent that nation at the 2024 Paris Olympics.

In the spring, French media reported that Embiid started the process to become eligible to represent France in international basketball, quoting national team general manager Boris Diaw.

Embiid was second in NBA MVP voting this season behind Serbian Nikola Jokic. He was the All-NBA second team center.

What nation Embiid represents could have a major impact on the Paris Games.

In Tokyo, a French team led by another center, Rudy Gobert, handed the U.S. its first Olympic defeat since 2004. That was in group play. The Americans then beat the French in the gold-medal game 87-82.

That France team had five NBA players to the U.S.’ 12: Nicolas BatumEvan FournierTimothe Luwawu-CabarrotFrank Ntilikina and Gobert.

Anthony Davis, who skipped the Tokyo Olympics, is the lone U.S. center to make an All-NBA team in the last five seasons. In that time, Embiid made four All-NBA second teams and Gobert made three All-NBA third teams.

No Olympic team other than the U.S. has ever had two reigning All-NBA players on its roster.

The Associated Press contributed to this report.

OlympicTalk is on Apple News. Favorite us!

LA 2028, Delta unveil first-of-its-kind emblems for Olympics, Paralympics

Delta LA 2028
LA 2028
0 Comments

Emblems for the 2028 Los Angeles Games that include logos of Delta Air Lines is the first integration of its kind in Olympic and Paralympic history.

Organizers released the latest set of emblems for the LA 2028 Olympics and Paralympics on Thursday, each with a Delta symbol occupying the “A” spot in LA 28.

Two years ago, the LA 2028 logo concept was unveiled with an ever-changing “A” that allowed for infinite possibilities. Many athletes already created their own logos, as has NBC.

“You can make your own,” LA28 chairperson Casey Wasserman said in 2020. “There’s not one way to represent Los Angeles, and there is strength in our diverse cultures. We have to represent the creativity and imagination of Los Angeles, the diversity of our community and the big dreams the Olympic and Paralympic Games provide.”

Also in 2020, Delta was announced as LA 2028’s inaugural founding partner. Becoming the first partner to have an integrated LA 2028 emblem was “extremely important for us,” said Emmakate Young, Delta’s managing director, brand marketing and sponsorships.

“It is a symbol of our partnership with LA, our commitment to the people there, as well as those who come through LA, and a commitment to the Olympics,” she said.

The ever-changing emblem succeeds an angelic bid logo unveiled in February 2016 when the city was going for the 2024 Games, along with the slogan, “Follow the Sun.” In July 2017, the IOC made a historic double awarding of the Olympics and Paralympics — to Paris for 2024 and Los Angeles for 2028.

The U.S. will host its first Olympics and Paralympics since 2002 (and first Summer Games since 1996), ending its longest drought between hosting the Games since the 28-year gap between 1932 and 1960.

Delta began an eight-year Olympic partnership in 2021, becoming the official airline of Team USA and the 2028 Los Angeles Games.

Athletes flew to this year’s Winter Games in Beijing on chartered Delta flights and will do so for every Games through at least 2028.

Previously, Delta sponsored the last two Olympics held in the U.S. — the 1996 Atlanta Games and the 2002 Salt Lake City Winter Games.

OlympicTalk is on Apple News. Favorite us!