Los Angeles’ 2028 Olympics bid received official support from the state on late Sunday when Gov. Jerry Brown signed a measure giving the effort a financial backstop from California taxpayers.
The legislation, Assembly Bill 132 from Assemblyman Reggie Jones-Sawyer (D-Los Angeles), allows the state to spend up to $270 million to cover cost overruns from the 2028 Summer Games. The bill, which was supported by Los Angeles Mayor Eric Garcetti and the city’s bid committee, is seen as an endorsement by state officials of Los Angeles’ effort to host the Olympic Games.
Bid organizers have said they expect to cover the $5.3-billion price tag through corporate sponsorships, ticket sales and other revenue sources. The state dollars only will be tapped if the city’s own $270 million set aside for cost overruns is exhausted first.
Brown and lawmakers have backed L.A.’s Olympic efforts before. Last year, the governor signed a measure that would have provided a similar guarantee, but it only would have applied if the city hosted the 2024 Games, instead.
