Sept. 01--In another strong indication that Los Angeles will be the official U.S. bid bid for the 2024 Summer Games, the U.S. Olympic Committee will hold a news conference in Santa Monica on Tuesday at 12:30 p.m., not long after the Los Angeles City Council voted, 15-0, to approve L.A.'s bid for the Games. Mayor Eric Garcetti and City Council President Herb Wesson will be in attendance at the USOC news conference.
The council, which has been debating the matter for a week, authorized Garcetti to pursue the bid shortly before noon, eliminating the final obstacle in the process and allowing Los Angeles to be formally announced as the American candidate for 2024.
A team led by Garcetti and sports executive Casey Wasserman recently concluded negotiations with the USOC regarding terms of the bid.
The initial proposal carries a budget of $4.1 billion with an additional $150 million in insurance premiums and a $400-million contingency fund for cost overruns. Private-sector partners would be expected to contribute more than $1.7 billion, pushing the overall price tag over $6 billion.
Garcetti has vowed to sign an International Olympic Committee host contract that would make the city financially liable if the Games end up in debt. But the mayor has projected that billions in broadcast, sponsorship and ticket revenues will cover costs and generate a $161-million surplus.
On Friday, Wasserman said he has already raised $35 million for the formation of a private committee to lead the campaign.
Los Angeles previously hosted the Olympics in 1932 and 1984, generating surpluses both times. It would take the place of Boston, which was initially chosen to be the USOC's candidate but withdrew in late July because of low public support.
The deadline for submitting candidates to the International Olympic Committee is mid-September. Paris, Rome, Hamburg and Budapest have already signaled their intentions to try for 2024.
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