Legislative Panel Backs Financial Guarantee For LA Olympics
SACRAMENTO (AP) — A California legislative panel has advanced a bill committing the state to cover up to $250 million in cost overruns as part of Los Angeles' bid for the 2024 Olympics.
The Senate Governmental Organization Committee approved SB1465 in a 7-0 vote on Tuesday.
Los Angeles bid committee chairman Casey Wasserman told lawmakers that government support is essential in landing the games. He says organizers are committed to ensuring the games are profitable, though.
The state provided similar financial guarantees for Los Angeles' bid for the 2016 Olympics and San Francisco's attempt to land the 2012 games.
LA is competing with Paris, Rome and Budapest, Hungary, for the 2024 Games.
The measure goes next to the Appropriations Committee before a vote in the full Senate and then to the state Assembly.
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