They need more money.
A question for members of the Los Angeles 2028 Olympic Committee. Are you mindful of the financial concerns surrounding the Paris 2024 Summer Olympics? The budget for the Tokyo 2020 Summer Olympics has been set at US$7.4 billion. Due to the COVID-19 pandemic and a year-long delay, the Tokyo Games were held in the summer of 2021 and the cost of hosting the Games doubled to $15.4 billion. Americans. No one knows the true cost as the figures are provided by the local Olympic committee. The president of Paris 2024 Tony Estanguet is worried about the financing of the Games. COVID-19 and Russia’s invasion of Ukraine are driving up costs.
“The health, economic and geopolitical crisis that has been unfolding for two years now poses new risks to Paris 2024. Without wanting to go into details, the COVID crisis and the terrible conflict in Ukraine have caused major breaks in the chains of production and supply. They have also generated an inflationary environment that was impossible to anticipate a few months or weeks ago. You can count on us to deliver great Games and I’m sure we’ll find the necessary adjustments together. We won’t back down on our ambitions and we will, we can create a new momentum around the Olympians by showing this model of Games that is both popular and sustainable.” Finding additional sponsors can be a challenge for both the International Olympic Committee and for the local Paris committee.Governments are required to pay for cost overruns.The LA 2028 Olympic committee suggests that the 2028 event will cost $6.9 billion with sponsorships, ticket revenue and licensing and license revenue. merchandise covering that, but LA also gets public money and might need more.
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