VAN NUYS >> While Los Angeles City Council members lauded Los Angeles 2028’s record-setting agreement with the International Olympic Committee to host the 2028 Games, city and bid committee officials acknowledged Friday that the council will vote to approve the agreement without having a validated budget for the 2028 Games.
The council is expected to approve on Aug. 11 the host city contract for the 2028 Games and a memorandum of understanding between the city, the Los Angeles 2028 bid committee and the U.S. Olympic Committee that gives the council a role in the planning of the 2028 Games and the city protection against an unexpected financial deficit.
That vote will come before L.A. 2028 has begun finalizing its budget for a third Los Angeles Olympics and perhaps 18 months before an analysis of the budget by KPMG, an accounting firm, is completed.
Council members and city officials, however, said any concerns they have about the absence of an updated budget and the uncertainty related to hosting games 11 years from now are eased by increased protections for the city proposed by L.A. 2028, unprecedented financial concessions by the IOC in the 2028 agreement and the strength of the 2024 bid’s budget which was validated by KPMG last year.
L.A. 2028 and the IOC on Monday reached an agreement on the city hosting the 2028 Olympics as part of a tripartite deal in which Paris will hold the 2024 Games. Under the terms of the agreement, which came less than a month after the IOC unanimously voted to award two games in the same year for the first time since 1921, L.A. 2028 will receive more than $2 billion in…
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