IOC gives LA huge financial concessions to host Olympics in 2028

Is this a kinder, gentler, more flexible International Olympic Committee?

After years of corruption and scandal, the IOC appears to be bending over backward and making major concessions to bring the 2028 Summer Games to Los Angeles. As part of the deal announced this week, which bring the 2028 Games to L.A. and the 2024 Summer Olympics to Paris, the IOC agreed to unprecedented terms that will bring the world’s biggest sporting event to Los Angeles for a third time.

L.A. previously hosted the Games in 1932 and 1984, but this time, the IOC is offering to pay an extraordinary sum of cash, as well as plenty of other perks to sweeten the deal. According to reports, the IOC, which was criticized for leaving Rio in financial ruin after the last Summer Games, will fork over more than $ 2 billion to Los Angeles, much of it well in advance of the event.

According to the LA Times, the IOC has estimated it will contribute $ 1.7 billion of its broadcast and sponsorship revenue to the Paris organizers for the 2024 Games. L.A.’s deal could end with the city getting $ 2 billion or more from the IOC. Rio organizers were given $ 1.5 billion from the IOC in advance of the 2016 Games.

Trump ‘working hard’ to bring Olympics to Los Angeles

The IOC will also pay a huge advance, far ahead of the two year period most other cities receive payment. Los Angeles is expected to receive $ 180 million up front from the IOC, more than a decade ahead of the event, and is expected to get an additional $ 160 million, earmarked for youth sports programs around the city.

Los Angeles Mayor Eric Garcetti speaks at the podium as he announces a deal has been reached with the International Olympic Committee to host the 2028 Summer Olympics.

Los Angeles Mayor Eric Garcetti speaks at the podium as he announces a deal has been reached with the International Olympic Committee to host the 2028 Summer Olympics.

(Kevork Djansezian/Getty Images)

“This deal was too good to pass up,” Los Angeles Mayor Eric Garcetti said Monday.

The Olympics will officially be awarded in September. Originally, Los Angeles had petitioned to host the 2024 Games, but that event will be held in Paris instead. L.A. officials leveraged the IOC to sweeten the deal in exchange for moving back their bid four years.

“This is an historic day for Los Angeles, for the United States and for the Olympic and Paralympic Movements around the world,” Garcetti said. “This agreement with the IOC will allow us to seed a legacy of hope and opportunity that will lift up every community in Los Angeles — not in 11 years’ time, but starting now and continuing in the years leading up to the Games. LA 2028 will kick-start our drive to make LA the healthiest city in America, by making youth sports more affordable and accessible than ever before.”

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olympics
california
los angeles

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