Olympics Sized Stadium Problem For Los Angeles

Stan Kroenke’s Ingelwood Los Angeles Rams stadium may cause some Olympics sized headaches for Los Angeles.

There is a countdown that is going on in the so-called Olympic Movement as the International Olympic Committee refers to itself. February is when the bid cities for the 2024 Summer Olympics, a group that includes Los Angeles has to show they are really serious and put their financial markers down on the table so the IOC can scrutinize just how serious the bid cities are in putting up money for the IOC event. The IOC claims that there is a legacy attached to hold an Olympic event that will forever impact a city in a positive way although you would never know it from the vast number of pictures of abandoned Olympic venues. But there are some politicians and business leaders who are pushing ahead with a bid.

 

The IOC has had quite a few people tell them, listen the athletic competition is really nice but we are not paying for your party and those people have slammed the door in the IOC’s collective faces in quite a few places after residents have had the opportunity to say yes or no to spending money on the Olympics. The reason why Los Angeles is bidding for the 2024 Summer Games is because Boston leaders were overwhelmed by the Olympics opposition and they didn’t even bother putting the question of whether Boston should host the Games to a vote. Boston dropped out and Los Angeles stepped in. Four years ago, Italy’s Prime Minister Mario Monti ended Rome’s 2020 Summer Olympics bid a day before the official applications for the 2020 Games were due. Monti had his reason, cost uncertainty and unknown financial benefit. In Germany voters in Munich and Hamburg have said no, in Switzerland voters in St. Moritz and Davos said no. Voters in Krakow, Poland have said no. Stockholm and Oslo elected officials have said no. The IOC is facing a major problem, many cities just don’t want their party. Los Angeles may have a stadium problem but the city is still in the hunt for the 2024 Games with Paris and Budapest.

 

Los Angeles may be battle neighboring Inglewood for the Opening and Closing Ceremonies if LA gets the license to hold 2024 Summer Olympics.

There could be a battle brewing between the Los Angeles 2024 Summer Olympics bid committee and Los Angeles elected officials over where the Opening and Closing Ceremonies should be held if the LA bidders land the Olympics. There is now a suggestion that the bid committee wants to use Stan Kroenke’s Inglewood Los Angeles Rams stadium for the two events while Los Angeles city officials have been led to believe that the ceremonies would be held in the Los Angeles Coliseum. There is not much distance between the two venues and it might be a bit easier to drive to Kroenke’s building but there is a matter of money that has to be considered. Inglewood’s stadium would bring in more dollars for the committee.

 

The city of Los Angeles is willing to pay up to $250 million to pay for Olympics-related cost overruns. Inglewood has thrown no money at the committee and that’s the problem. Los Angeles Mayor Eric Garcetti was quick to welcome Kroenke’s franchise to Los Angeles and use the Los Angeles name. However, Garcetti’s city had no skin in Kroenke’s stadium. Whatever public subsidies that Kroenke is getting will come from Inglewood. But now Garcetti and LA are on the hook for Olympics expenses and there is an alternative for the two ceremonies in Inglewood. The whole story of public payment and the Olympics should be spelled out. Los Angeles is willing to put up a quarter of a billion dollars. The state of California is probably going to put up a quarter of a billion dollars. There is no way of knowing how much money from the United States government will be kicked in, but US Military will be involved in securing the Games. That could cost billions of dollars. No decision has been made but LA elected officials should be fuming at the thought of an Inglewood Olympics.

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