The ENCORE Digital Weekly Magazine is a
CELEBRITYACCESS publication
August 3, 2017 


ADVERTISEMENT
MAIN PAGE
Feature News
Touring News
Business News
Venue News
Label & Publishing News
Legal News
Technology News
Artist News
Obituaries
Industry Profile
Lefsetz Letter
Artist Snapshot
Vital Signs
International News
Net News


ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

BUSINESS NEWS


Los Angeles Selected As Host City For 2028 Summer Olympics
Posted: August 1, 2017
LOS ANGELES (CelebrityAccess) -- Los Angeles officials announced that they've struck a deal with the International Olympic Committee that will see them as the host city for the 2028 Summer Olympics.

The deal will give Los Angeles an unprecedented 11 years to prepare to host the games, which will be the first return to the United States for the Olympics since 2002.

As part of the deal, Los Angeles will forego plans to bid on the 2024 Games, leaving Paris as the likely host city for the sports contest.

The I.O.C. is expected to formally announce the hosts for the Games at a meeting in Lima, Peru, on Sept. 13.

According to the New York Times, the deal will see the I.O.C. give at least $1.8 billion to the Los Angeles organizing committee and would make advance payments of $180 million to compensate the local committee for the extra four years of work. As well, the IOC will provide $160 million for youth sports programs, a payout that typically comes after the Games, the Times said.

Los Angeles' bid was helped in part by infrastructure left over from the 1984 Olympics, as well as other venues belonging to major sports teams and universities in the market, with the idea that the available venues would help to keep build costs low. Despite that, Los Angeles is projecting that the cost for the buildout for the Games to be $5.3 billion, though city officials expected the funding to come from private sources and ticket sales, the Times reported.

© 2001-2017 Gen-Den Corporation. All rights reserved.
CelebrityAccessSM and Gen-DenSM are service marks of Gen-Den Corporation.

** ENCORE readers and those that utilize ENCORE features are bound by the ENCORE NEWSLETTER USE AGREEMENT. If you choose not to be bound by this agreement, please discard the e-mail and notify us of your desire to be removed from future mailings. **