POSTED: September 30th 2016
NewsUpdate

LA 2024 receives boost as California Governor Brown signs $250 million state support

MARISSA FLANDERS (USA) / Sports Features Communications

(SFC) The Los Angeles (LA) 2024 Bid Committee received another huge endorsement as California Governor, Edmund G. "Jerry" Brown, Jr. signed SB 1465 into law. This will provide LA 2024 with up to $250 million in state financial support.

The State of California's "Olympic Games Trust Fund," would start payments after the significant private insurance payouts for LA 2024 had been exhausted. However, this is very unlikely.

"On behalf of LA 2024, I would like to thank Governor Brown, Senate President Pro Tem De Leon, Assembly Speaker Rendon and the entire California legislature for their continued leadership in supporting LA 2024 as we leverage the best California has to offer, from Hollywood to Silicon Valley, to create a New Games for a new era. The state's financial support underscores the united support behind bringing the Games back to LA, but also confidence in our city's ability to host a fiscally responsible Games that is high-tech, low-risk and sustainable and would allow us to spend the years leading up to 2024 focusing on creating the best possible experience for athletes, fans and all other members of the Olympic family. With only temporary venues to build and existing high-quality housing facilities for an Olympic Village that currently serves over 16,000 residents at UCLA, the City of Angels is Games-ready with the Olympic Movement in our DNA. We are proud to be California's bid and America's bid to bring the Games back to the United States for the first time in 28 years," expressed LA 2024 Chairman, Casey Wasserman.

LA 2024 is focused on a fiscally responsible bid that would generate the same $232 million surpluses as the LA 1984 Games did. LA has extensive existing transportation infrastructure, world-class venues, and housing. This reduces the risk of hosting the Games, along with reducing costs overall, which allows them to focus on other crucial areas.

LA Mayor, Eric Garcetti stated, "Los Angeles is an Olympic City with a wealth of existing world-class venues and infrastructure. We are confident that we can bring a successful games back to the U.S. without risk to our taxpayers. Today, thanks to the leadership of Governor Brown, State Senate Pro Tem Kevin De Leon and Speaker Anthony Rendon, this legislation gives our LA Olympic and Paralympic bid even stronger financial protections - and more importantly, the strong support of our state's leadership. With this vote of confidence, we will continue our commitment to bringing a sustainable and innovative Olympic and Paralympic Games back to LA that focuses on the best experience for the athletes and fans."

LA not only has the venues, transportation, and housing in place, but they aim to generate revenue from ticket sales and domestic sponsorships. The state's decision is more of a show of support and is the latest show of government support. LA 2024 has proven to have the support of the people, nation, and government. LA 2024 has the backing of a nation and looks to show the world what they have to offer.

** 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 · California · Olympics · Olympic bidding


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