POSTED: June 2nd 2016

Olympics: California State Senate approves US$280M contingency cash for Los Angeles 2024 Summer Games bid

California State Senate Chamber © Bigstock
California State Senate Chamber © Bigstock

LAURA WALDEN (USA) / Sports Features Communications

(SFC) The California Senate Wednesday approved a bill that will commit the state to a contingency fund of up to US$280 million in case of overruns should Los Angeles win the bid and host the 2024 Summer Olympic Games.

The bill, SB1465, received an almost unanimous vote of 35-1 and will next be sent to the Assembly.

This is not the first time that the state has offered guarantees for Olympic bids as it supported Los Angeles' 2016 bid and San Francisco's bid for 2012.

Senator Kevin De León (D-Los Angeles) explained that the guarantees would help the city's chances against bid rivals Budapest, Rome and Paris. He also noted that it was unlikely that there would be cost overruns as Los Angeles hosted a very profitable 1984 Games that were a financial success and boosted the state's economy.

Los Angeles 1984 also left a concrete legacy founding the LA84 Foundation giving well over US$220 million back to the local grass roots sports system in Southern California.

De León also commented that the money seems a large amount of money but that the bid is set up in a way that ensures financial profitability for the Games. There will be no new construction planned and the city is first to cover US $250 million in costs.

The IOC will be voting on their 2024 Summer Games host city in September 2017 at the session in Lima, Peru.

**LAURA WALDEN has over twenty-five years of experience in the Olympic Movement, formerly at the European Olympic Committees with SportEurope under former IOC President Dr. Jacques Rogge and IOC Member Mario Pescante. She worked with the Rome 2004 and Turin 2006 Olympic bids and also managed PR & media for Dr. Jacques Rogge during his campaign for the presidency.

Keywords · Olympics · Los Angeles 2024

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