Los Angeles 2028 Olympics revised budget nearly $7 billion

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The price tag on the Los Angeles 2028 Olympics is now $6.88 billion, a $1.36 billion increase that comes mainly because of accounting measures designed to better reflect inflation over the long lead-up to those Games.

Most key numbers the organizing committee released Tuesday are essentially the same as those in the original bid documents, only adjusted from 2016 dollars to reflect the real value of the dollars at the time they’ll be received or spent — mainly in the later part of the 2020s.

That includes the cost of venue infrastructure (increase from $1.19 billion to $1.46 billion) and the contingency fund being guaranteed by the city and state ($487 million to $615 million).

If LA runs the Games without any cost overruns, it will become the first host since at least 1984 — also a year that LA hosted — to do so.

Next year’s Olympics in Tokyo originally were budgeted at $7.3 billion but are now expected to run $12.6 billion.

Los Angeles initially projected a $5.3 billion budget for its original bid for the 2024 Games. But in a groundbreaking move, the International Olympic Committee awarded the 2024 Games to Paris and the 2028 Games to Los Angeles at the same time. Part of that agreement was that LA would reveal a revised budget, for 2028 instead of 2024, in the first quarter of this year.

The revised budget does contain a three percent increase, $160 million of which is targeted toward youth sports throughout the city, and the rest earmarked to keep the organizing committee running during a lifespan that will run four years longer than initially anticipated.

The city of Los Angeles and state of California originally were projected to guarantee $250 million each for the contingency fund — with LA on the hook for the first $250 million, then the state for the rest. Those figures have been adjusted to $270 million apiece; the organizing committee has repeatedly said it doesn’t expect to need that backup.

Los Angeles is planning to host the Games without building stadiums or arenas and by using infrastructure already in place or planned.

Part of the new budget includes $200 million in projected new cash from top IOC sponsors that would come in addition to $437 million already budgeted.

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MORE: Timeline: Los Angeles’ path to 2028 Olympics

Elena Fanchini, medal-winning Alpine skier, dies at 37

Elena Fanchini
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Italian skier Elena Fanchini, whose career was cut short by a tumor, has died. She was 37.

Fanchini passed away Wednesday at her home in Solato, near Brescia, the Italian Winter Sports Federation announced.

Fanchini died on the same day that fellow Italian Marta Bassino won the super-G at the world championships in Meribel, France; and two days after Federica Brignone — another former teammate — claimed gold in combined.

Sofia Goggia, who is the favorite for Saturday’s downhill, dedicated her win in Cortina d’Ampezzo last month to Fanchini.

Fanchini last raced in December 2017. She was cleared to return to train nearly a year later but never made it fully back, and her condition grew worse in recent months.

Fanchini won a silver medal in downhill at the 2005 World Championships and also won two World Cup races in her career — both in downhill.

She missed the 2018 PyeongChang Olympics because of her condition.

Fanchini’s younger sisters Nadia and Sabrina were also World Cup racers.

USA Boxing to skip world championships

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USA Boxing will not send boxers to this year’s men’s and women’s world championships, citing “the ongoing failures” of the IBA, the sport’s international governing body, that put boxing’s place on the Olympic program at risk.

The Washington Post first reported the decision.

In a letter to its members, USA Boxing Executive Director Mike McAtee listed many factors that led to the decision, including IBA governance issues, financial irregularities and transparency and that Russian and Belarusian boxers are allowed to compete with their flags.

IBA lifted its ban on Russian and Belarusian boxers in October and said it would allow their flags and anthems to return, too.

The IOC has not shifted from its recommendation to international sports federations last February that Russian and Belarusian athletes be barred, though the IOC and Olympic sports officials have been exploring whether those athletes could return without national symbols.

USA Boxing said that Russian boxers have competed at an IBA event in Morocco this month with their flags and are expected to compete at this year’s world championships under their flags.

“While sport is intended to be politically neutral, many boxers, coaches and other representatives of the Ukrainian boxing community were killed as a result of the Russian aggression against Ukraine, including coach Mykhaylo Korenovsky who was killed when a Russian missile hit an apartment block in January 2023,” according to the USA Boxing letter. “Ukraine’s sports infrastructure, including numerous boxing gyms, has been devastated by Russian aggression.”

McAtee added later that USA Boxing would still not send athletes to worlds even if Russians and Belarusians were competing as neutrals and without their flags.

“USA Boxing’s decision is based on the ‘totality of all of the factors,'” he said in an emailed response. “Third party oversite and fairness in the field of play is the most important factor.”

A message has been sent to the IBA seeking comment on USA Boxing’s decision.

The women’s world championships are in March in India. The men’s world championships are in May in Uzbekistan. They do not count toward 2024 Olympic qualifying.

In December, the IOC said recent IBA decisions could lead to “the cancellation of boxing” for the 2024 Paris Games.

Some of the already reported governance issues led to the IOC stripping IBA — then known as AIBA — of its Olympic recognition in 2019. AIBA had suspended all 36 referees and judges used at the 2016 Rio Olympics pending an investigation into a possible judging scandal, one that found that some medal bouts were fixed by “complicit and compliant” referees and judges.

The IOC ran the Tokyo Olympic boxing competition.

Boxing was not included on the initial program for the 2028 Los Angeles Games announced in December 2021, though it could still be added. The IBA must address concerns “around its governance, its financial transparency and sustainability and the integrity of its refereeing and judging processes,” IOC President Thomas Bach said then.

This past June, the IOC said IBA would not run qualifying competitions for the 2024 Paris Games.

In September, the IOC said it was “extremely concerned” about the Olympic future of boxing after an IBA extraordinary congress overwhelmingly backed Russian Umar Kremlev to remain as its president rather than hold an election.

Kremlev was re-elected in May after an opponent, Boris van der Vorst of the Netherlands, was barred from running against him. The Court of Arbitration for Sport ruled in June that van der Vorst should have been eligible to run against Kremlev, but the IBA group still decided not to hold a new election.

Last May, Rashida Ellis became the first U.S. woman to win a world boxing title at an Olympic weight since Claressa Shields in 2016, taking the 60kg lightweight crown in Istanbul. In Tokyo, Ellis lost 3-0 in her opening bout in her Olympic debut.

At the last men’s worlds in 2021, Robby Gonzales and Jahmal Harvey became the first U.S. men to win an Olympic or world title since 2007, ending the longest American men’s drought since World War II.

The Associated Press and NBC Olympic research contributed to this report.

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