POSTED: August 26th 2015
NewsUpdate

Olympics: LA 2024 unveils bid plan with $4.1 billion dollar budget and $161 million surplus

If the vote goes through today it will allow Mayor Eric Garcetti the ability to sign the Host City Contract / Bigstock
If the vote goes through today it will allow Mayor Eric Garcetti the ability to sign the Host City Contract / Bigstock


MARISSA FLANDERS (USA) / Sports Features Communications

(SFC) The bid plan for the Los Angeles (LA) 2024 Olympic and Paralympic Summer Games has been unveiled making public the layout of their $4.116 billion dollar budget for Organizing Committee Olympic Games (OCOG) costs. The Los Angeles City Council is set to vote today on going forward with the bid.  

The proposal unites both the leadership and people of LA in a desire to host the 2024 Games. LA 2024 has brought together an experienced and collaborative team to leverage the bid's public support, iconic venues, scale, and infrastructure to elevate the Olympic Movement and the athletes.

The LA 2024 bid outlined total revenues at $4.827 billion with a $400 million contingency plan and a $150 million insurance policy.

Net revenues were estimated at $161 million. There is also a $1.7 billion estimate on non OCOG costs that would be collateral to running the Games. 

In addition, the bid plan is focused on the Olympic experience for the athletes and making sure to host a fiscally responsible and compact Games. The Athlete Village will be situated alongside the revitalized LA River, which puts the athletes within 30 minutes of the five primary clusters (Downtown Cluster, Hollywood Cluster, Valley Cluster, Coastal Cluster, and South Bay Cluster). 

Moreover, LA has one of the most technologically sophisticated and largest Transportation Infrastructures in the United States. This will allow for easy and quick travel throughout the city during the Games. Sponsors will also be drawn to the world's largest media markets, and the city is the perfect atmosphere for any sponsor.

Also, the International Broadcast Center (IBC) and Main Press Center (MPC) will be located in NBCUniversal's Studio Lot's new office and studio facilities. While the Opening and Closing Ceremonies shall be showcased from the reimagined Coliseum.

Not to mention, the overwhelmingly strong support from all Angelenos for the 2024 bid. In their October poll, 77% of the city's population supported the proposal, 85% said they would remain in LA during the Olympics, and 50% of 18 to 34-year-olds said they would volunteer for the Summer Games.

The LA 2024 bid book had one narrative that stood out, "Like the Olympic Movement, we believe anything is possible. That if you can dream it, you can do it."

The city of LA has made the case that they are the perfect choice for the United States Olympic Committee (USOC) as their official 2024 Olympic and Paralympic Games bid submission to the International Olympic Committee.

The full bid book can be seen here.

** MARISSA FLANDERS is a graduate of Saint Leo University with a Bachelor's Degree in Sport Business. She has over four years of writing experience and has a real passion for ice hockey following the Pittsburgh Penguins on her blog www.thepenshockeyshow.com.


Keywords · LA 2024 · Los Angeles · USOC · IOC · Olympic bidding · Olympics · United States


For more information contact:
Laura Walden ()


All original materials contained in this section are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of Sports Features Communications, Inc the owner of that content. It is prohibited to alter or remove any trademark, copyright or other notice from copies of the content.