LA 2024 names Gene Sykes chief executive to oversee bid for Olympics – Los Angeles Times

LA 2024 has named an executive from the financial world to oversee daily operations for its campaign to host the 2024 Summer Olympics.

Gene Sykes will take leave from Goldman Sachs to work as an unpaid chief executive for the bid committee.

“As a lifelong Angeleno, I’m honored to help bring the Olympic and Paralympic Games back to a city that loves them,” Sykes said in a statement. “I’m joining a very strong and experienced team.”

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It makes sense that LA 2024 might turn to a financial executive if only because of concerns over the potential cost of hosting.

The bid committee has released a proposed budget that could exceed $6 billion. Officials have estimated that revenue and private-sector involvement would cover all costs, leaving a surplus.

But the Games have a long history of cost overruns.

So far, Mayor Eric Garcetti and sports executive Casey Wasserman have led the effort, making public appearances and speaking with International Olympic Committee members at various functions.

Still, LA 2024 needed a chief executive to oversee the nuts and bolts of what figures to be a difficult, two-year bidding process.

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