City Council unanimous in final approval for LA to host 2024 Olympics – Los Angeles Times

In a move expected for several weeks, the Los Angeles City Council has given unanimous final approval to a privately run bid that could bring the Olympics back to Southern California.

The council’s vote on Wednesday means that if L.A. is selected as host of the 2024 Summer Games, the city will sign a contract agreeing to cover any financial shortfalls.

Bid leaders have estimated the mega-sporting event would cost $5.3 billion to put on, an amount they say could be covered with revenues from sources such as broadcast rights, corporate sponsorships and ticket sales.

The LA 2024 committee has also agreed to terms with council members on a number of financing safeguards, pledging to take out insurance policies and set aside a $491.9-million contingency fund for cost overruns.

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