Los Angeles just made history. In August, the City Council authorized Los Angeles to sign a contract making us the host city for the 2028 Summer Olympic Games. With 2028 firmly on the calendar, this will be the fifth time the United States has hosted the Summer Games, more than any other nation in the world.
At the beginning of this journey, L.A. was bidding for the 2024 games. Over nearly two years of work by Mayor Garcetti, the LA24 organization and the City Council’s Ad Hoc Committee on the Olympics, we vetted the bid and how it would impact and benefit Angelenos. During that time, we thoroughly reviewed the budget, heard from hundreds of community members and had many discussions to ensure that L.A. taxpayers were protected from any possible cost overruns. We arrived at a responsible agreement with many advantages for the city. As it became clear that the International Olympic Committee wanted to award both the 2024 and 2028 games at the same time, things changed and L.A. suddenly became the front runner for 2028, with Paris taking 2024.
In my role as Budget and Finance Chair and as a member of the Ad Hoc Committee on the Olympics, I worked to ensure that taxpayers would be protected under the 2024 bid. It was my mission to put the needs and interests of L.A.’s taxpayers first in all of our discussions. And I am proud to report that all the work we did on the 2024 bid was carried over to the 2028 bid. More than that, we ensured that Los Angeles is getting a better financial arrangement by hosting the Games four years later than we first anticipated.
For 2028, L.A. will receive: $180 million in advance, with the vast majority going to fund youth sports programs throughout the city; two more years to sell international sponsorships, which will bring in much more revenue for L.A.; more of the surplus revenue generated by the games; oversight on the 2028 board with full discretion to approve the venues; and more comprehensive insurance coverage to meet any contingency.
As you can see, there are significant financial and community advantages to hosting the 2028 Games. I am extremely satisfied that the taxpayers of Los Angeles are as protected as they can be.
There is and will always be some element of risk involved, but Los Angeles is the only city in the world that has hosted two financially successful Olympics already. Our parks and the children who use them are still benefiting from youth sports programs right now because of the revenue raised by the 1984 Games.
This is the most cost-effective and thoroughly vetted bid in recent Olympic memory. I hope you are as excited as I am for the Summer Games to come back home to the U.S.A.
If you have comments or memories from the 1984 Olympics you’d like to share, please email me: email@example.com.
Los Angeles City Councilmember Paul Krekorian, chair of the Budget and Finance Committee and the Ad Hoc Committee on Job Creation, represents Council District 2, which includes North Hollywood, Studio City, Valley Village and other communities in the East Valley.