Los Angeles Olympics

The Olympics last came to Los Angeles in 1984, when the city refused to sign a guarantee that it would cover financial overruns. (Ken Hively / Los Angeles Times)

By Peter Jamison
August 11, 2015

Los Angeles is close to reaching an agreement with the U.S. Olympic Committee to be America’s candidate for the 2024 Summer Games, pledging to host the event at a projected cost of approximately $4 billion and offering a guarantee that the city would cover any financial overruns, officials involved with the bid said Monday.

In an interview with The Times’ editorial board Monday morning, Mayor Eric Garcetti said he is pushing in his effort to secure L.A.’s slot as the U.S. bidder. The opportunity opened up unexpectedly last month after Boston, which the USOC chose as host city over L.A. in January, backed out amid concerns about financial risk associated with the Games.

“I think it is right for this city. I think it’s who we are,” Garcetti said. “I think we benefit from it economically, socially.”

Garcetti and sports agent Casey Wasserman — who has been heavily involved in preparing L.A.’s Olympic bid and also spoke to The Times editorial board Monday — said the city’s proposal would be “dead on arrival” if it did not include a pledge that the city would bear expenses from cost overruns or revenue shortfalls.

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