Los Angeles officials are declaring Olympic victory — with several laps to go in the race to make the 2028 Olympic Games a popular and financial success.
While it certainly appears the L.A. area has succeeded in its efforts to bring the Summer Olympic Games here for the third time, leaders of the bid have work to do to assure residents that this will be good for the region.
Monday, Mayor Eric Garcetti and L.A. bid chairman Casey Wasserman announced an agreement with the International Olympic Committee to host the 2028 Games. Judging by the financial terms they released, Garcetti and Wasserman have taken advantage of the negotiating leverage they enjoyed with only Paris and L.A. vying to host upcoming games. (Paris will get 2024.) The deal would have the IOC pay L.A. at least $1.8 billion and more than the usual percentage of any profits, one reason the region could make out financially.
L.A. City Council President Herb Wesson said he hopes the deal gets the required approval from the council’s ad hoc committee on the Olympic bid and then the full council in the next week.
But if they move to approve that quickly, city officials risk leaving many Southern Californians wondering who asked them if their concerns have been addressed. It’s still more than a month before the IOC is scheduled to certify the 2024 site selection, and now is scheduled to certify 2028 too. It’s 11 years until the 2028 Games.
It’s worth remembering that in the run-up to 1984, the last time L.A. hosted the Games, pressure from San Fernando Valley-based opponents of public financing forced organizers to rely on unprecedented corporate funding and existing venues, fundamentally changing…
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