LA 2028

AP

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

LA mayor compares Olympic bid race to high school election (video)

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Los Angeles mayor Eric Garcetti considered the Olympic bid a political campaign. And of the 10 or so he has been a part of, this one was the toughest by far.

“Because you only have about 100 voters, and you have about four years of the process,” he said on the Dan Patrick Show on Friday. “It’s almost like a high school election. You have somebody over here saying, ‘I don’t like what you said to Susie at the dance, so I’m not going to vote for you.’ Or somebody else saying, ‘You’ve only had drinks with me 10 times, and Paris has done it 12 times.’

“You basically have to lay out why your city should add something to the Olympics. It’s not just what you’ll do for them, but they also want to know how the Olympics is going to change your city.”

Garcetti discussed more LA 2028-related topics in the full interview.

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MORE: Los Angeles Olympic bid venue plan

LA 2028 would support U.S. Winter Olympics, but it’s complicated

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PARK CITY, Utah (AP) — The venues are there. The city loves the Olympics. The memories of the last Winter Games it hosted are still fairly fresh and mostly positive.

This is the story of Los Angeles, which will host the Summer Games in 2028.

It’s also the story of Utah, which might get in the mix to host a Winter Olympics in 2026 or 2030.

The chairman of the LA bid was in Park City on Tuesday for the U.S. Olympic Committee media summit to discuss Los Angeles’ recent victory; many of the questions he fielded, though, involved whether a U.S. bid for an upcoming Winter Games might make sense, too.

“Twenty-six is complicated, obviously,” Casey Wasserman said. “Obviously, there are real challenges from a timing perspective, two years before us. But I think our approach has been, the Olympic Games, whether summer or winter, are good for American athletes. Our intent is to be a good partner to the USOC and American athletes.”

The USOC board will meet next month to discuss the possibility. The same country hasn’t hosted back-to-back Olympics since before World War II, though when the International Olympic Committee scrapped its traditional rules and awarded 2024 (Paris) and 2028 (LA) at the same time, it indicated it was certainly open to new ideas.

Salt Lake City hosted the Winter Olympics in 2002, and what remains there and in Park City pretty much adheres to every concept of Agenda 2020, the blueprint that IOC President Thomas Bach set for future Olympics, which calls for less spending on new venues and infrastructure.

Through a legacy foundation, the area has maintained an Olympic speed skating oval and a Nordic skiing course, each of which have drawn new athletes to their respective sports and could be used as part of an upcoming bid. The Utah Olympic Park remains an active training ground for action sports, for both U.S. athletes and those from other countries who are invited to work out there.

Meanwhile, Utah likes the Olympics: NBC says Salt Lake City has ranked as either No. 1 or 2 among U.S. TV markets over the last three Winter Games.

Leaders of the movement to bring the games back to Utah have largely stayed quiet, not wanting to take the limelight from Los Angeles, which helped the U.S. put a stop to a long string of embarrassing losses on the Olympic bid front. But a handful have told The Associated Press that there is enthusiasm for a potential bid if the USOC will sign on.

“There’s fantastic momentum to have the Games come back. I think we could do it for a very affordable price compared to the rest of the world,” said Ted Morris, the executive director of U.S. Speedskating, which is based in the Salt Lake City area. “In my opinion, looking at ’26 is probably not realistic, but ’30 seems like an opportunity.”

The most complicating factor for either year would be a reworking of an agreement between LA and the USOC that transfers the USOC’s marketing rights to the city’s organizing committee over an eight-year span. Adding another American Olympics to that mix would force some major renegotiations.

There’s also the issue of the IOC bid process. Bach has redrawn the rules for 2026, creating friendlier deadlines for cities to commit to a bid. But he has not committed to a potential double award for 2026 and 2030, the way he did with 2024 and 2028.

Also, the USOC will have to consider Denver and Reno, Nevada, which also have expressed interest in hosting a Winter Games but would be behind the curve compared with Salt Lake City.

“Thomas Bach has publicly stated he’d like to see the Winter Games return to a more traditional location, and to me, that’s code for Europe or North America,” said USOC chairman Larry Probst, speaking to the fact that the hosts for 2014, 2018 and 2022 are Russia, South Korea and China. “We’ve got to look at that, then develop a strategy about whether we’re going to bid for the (2026) Winter Games or beyond that.”

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MORE: USOC names 3 cities interested in Winter Olympic bid