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LA Olympics bid book’s ‘financial guarantees’ call future into question




The Los Angeles Memorial Coliseum, venue for two previous Olympic Games, is seen in this on August 26, 2015 in Los Angeles, California. The Coliseum would be renovated and used as the main stadium if the city bids for the 2024 Summer Olympics. The Los Angeles city council is reviewing a $4.1 billion bid proposal for the 2024 Summer Olympics that backers say could produce a surplus of $161 million if the city is awarded a third Summer Games. A 218-page bid book made public on August 25 shows plans for a Los Angeles Games rely on private-sector partners to pay more than $1.7 billion in venue costs and includes revenue projections such as $4.8 billion from ticket sales, broadcast rights and corporate sponsorships
The Los Angeles Memorial Coliseum, venue for two previous Olympic Games, is seen in this on August 26, 2015 in Los Angeles, California. The Coliseum would be renovated and used as the main stadium if the city bids for the 2024 Summer Olympics. The Los Angeles city council is reviewing a $4.1 billion bid proposal for the 2024 Summer Olympics that backers say could produce a surplus of $161 million if the city is awarded a third Summer Games. A 218-page bid book made public on August 25 shows plans for a Los Angeles Games rely on private-sector partners to pay more than $1.7 billion in venue costs and includes revenue projections such as $4.8 billion from ticket sales, broadcast rights and corporate sponsorships
Mark Ralston/AFP/Getty Images

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The LA City Council held off yesterday in approving LA's bid for the 2024 Olympic games.

The City, and US Olympic Committee, are trying to hit an IOC deadline of September 15th. That fast timeline has some council members worried about having time to study the financial guarantees the IOC is demanding.

KPCC reported yesterday about a confusing item in the Olympics bid book from LA officials that claims Gov. Brown expressed support for a state "financial guarantee" for the Games. But now it's not clear Brown made the statement.

Should the City be the backstop if the host committee runs a loss?

LA 2024 Olympics Bid Book

Guests:

Ben Bergman, Senior Reporter for KPCC covering the Southern California Economy

Rich Llewellyn, legal council to the Mayor of Los Angeles

Zev Yaroslavsky, former Los Angeles County Supervisor, and is now affiliated with the UCLA’s history department, and the Luskin School of Public Affairs

Barry Sanders, chairman of the Southern California Committee For The Olympic Games