They need more money.
A question for members of the Los Angeles 2028 Olympic Committee. Are you paying attention to the financial concerns surrounding the 2024 Paris Summer Olympics? The Tokyo 2020 Summer Olympics budget was set at $7.4 billion US. Because of the COVID-19 pandemic and a one-year delay, the Tokyo Games took place in the summer of 2021 and the cost of staging the Games doubled to $15.4 billion US. No one knows the true cost as the figures are provided by the local Olympic committee. The President of Paris 2024 Tony Estanguet is concerned about paying for the Games. COVID-19 and Russia’s invasion of Ukraine are pushing costs up.
“The health, economic and geo-political crisis that have been unfolding over two years now pose new risks for Paris 2024. Without wishing to go into detail, the COVID crisis and dreadful conflict in Ukraine have caused major breakdowns in production and supply chains. They have also generated an inflationary environment which was impossible to anticipate just a few months or weeks ago. You can count on us to deliver a great Games and I am sure that we will find the necessary adjustments together. We will not backtrack on our ambitions and we will, can create fresh momentum around Olympians by showing that model of Games that is both popular and sustainable.” Finding additional sponsors may be a challenge for both the International Olympic Committee and the local Paris committee. Governments are on the hook for paying cost overruns. The LA 2028 Olympic committee suggests that the 2028 event will cost $6.9 billion with sponsorships, ticket revenue, and licensing and merchandise revenues covering that but LA is also getting public money and may need more.
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