Friday, February 23, 2024

The Olympics Goes To Hollywood! Los Angeles Is Set To Host Event In 2028

After weeks of negotiations with the International Olympic Committee, Los Angeles officials have reached a deal to host the 2028 Summer Games under terms they hope will generate hundreds of millions in savings and additional revenues.The agreement will bring the Olympics back to Southern California for a third time, after Los Angeles hosted in 1984 and 1932. It also opens the door for the 2024 Games to be held in Paris after both cities had initially submitted bids to host the 2024 edition. Reports have it that L.A decided to accept the 4-year delay because there were significant financial benefits of hosting in 2028 that outweighed the benefit of hosting in 2024.L.A.’s bid committee has estimated it would cost $5.3 billion to stage the Games and has predicted it can cover all expenses through revenues such as sponsorships and ticket sales. Contributions by the Olympic institution is expected to be around $2billion. Also, the institution has agreed to advance L.A. a $180-million advance immediately. That is expected to cover the organizing’s committee’s costs for operating an extra four years and pump as much as $160 million into youth sports throughout the city.Photo Credit: Getty

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