Los Angeles – The City of Los Angeles, LA 2028 and the United States Olympic Committee today released its proposed memorandum of understanding to define its partnership in preparation for the 2028 Olympic and Paralympic Games. If approved by the Los Angeles City Council on Friday, this new MOU would enhance the strong provisions that were developed to protect the City of Los Angeles from financial risk when it was a candidate to host the Games in 2024.
The new MOU provides City representation on the LA 2028 Board of Directors, gives the City consent rights over significant venue changes within the City of Los Angeles and $270 million of the projected $500 million Games budget contingency (an increase from $250 million), requires new, more frequent LA 2028 presentations and updates to the City Council in the first three years, invites additional City participation in developing LA 2028’s overall insurance and risk management strategy, requires LA 2028 to acquire additional insurance and newly requires an independent review of the LA 2028’s Games budget, which is to be paid for by LA 2028.
Together these MOU provisions provide for comprehensive oversight of LA 2028’s plans to deliver the 2028 Games in a fiscally-responsible manner that is also consistent with the long-term interests of the City. The City will be a strong partner in ensuring that the Games will leave a positive community legacy. To this end, the new MOU requires the City and LA 2028 to formalize an agreement to support City youth sports programming in the years leading up to the Games.
Los Angeles Mayor Eric Garcetti said: “My top priorities in this process are to protect Los Angeles taxpayers and create new opportunities for young Angelenos to play sports, and be healthy. This new MOU ensures that our City priorities remain front-and-center in LA 2028’s preparations for the Games. Under the City’s leadership, we can be sure that the up to $160 million we will receive to fund youth sports programs from LA 2028 will be put to the best, most impactful use.”
Los Angeles City Council President Herb Wesson said: “The foundation we lay today will strengthen the relationship between our partners, ensuring that the City of Los Angeles has increased protections and expanded management over the next 11 years.”
LA 2028 Chairman Casey Wasserman said: “All of us at LA 2028 are grateful to Mayor Eric Garcetti, Council President Herb Wesson, the City Council, City Attorney Mike Feuer, Chief Legislative Analyst Sharon Tso and City Administrative Officer Rich Llewellyn for their thorough review and collaboration in our mission to deliver an Olympic and Paralympic Games that benefits Angelenos for generations to come. Their oversight, support and vision for the City’s future have played a critical role throughout our bid. This MOU demonstrates the belief shared by our city’s leaders and 83% of its people that LA’s third Games can be a defining moment in our history.”