August 1, 2017
Los Angeles officials reached an agreement with the International Olympic Committee (IOC) to host the 2028 Summer Games. L.A., which hosted Games in 1984 and 1932, had been competing with Paris for the global athletic competition held every four years.
Los Angeles’ campaign was spearheaded by L.A. Mayor Eric Garcetti, who said the deal terms are expected to outweigh increased uncertainty, even though it is committing to a major event more than a decade in advance. It is estimated that the Games will cost $5.3 billion to stage. L.A.’s bid committee believes revenues from sponsorships and ticket sales will cover expenses.
The IOC plans to advance L.A. $180-million immediately for the organizing committee’s costs, as well as youth sports. L.A.’s plan differs from recent Olympics, since existing venues such as Staples Center, Pauley Pavilion and the Coliseum will be used rather than spending billions to construct new facilities.
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