Los Angeles Mayor Eric Garcetti, International Olympic Committee President Thomas Bach, and Paris Mayor Anne Hidalgo gesture during a press conference after the IOC Extraordinary Session at the Swiss Tech Convention Centre in Lausanne, Switzerland, on July 11, 2017.
(Jean-Christophe Bott / AP) By 2028, a new stadium being built for the Rams and the Chargers will have been beaten up by nearly a decade of NFL games.
In embracing the 2028 date that is expected to be finalized later this year, city Olympic organizers ceded the 2024 Games to Paris, which both cities had craved.
Another hurdle: With the change in date, LA apparently needs to renegotiate and extend financial guarantees approved by the city and state to cover potential shortfalls connected with the 2024 bid. Jerry Brown signed legislation in September that puts California taxpayers on the hook for up to $250 million if Los Angeles were awarded the 2024 Games and they ran over budget, and the city has promised the same.
Chicago-based sports-finance consultant Marc Ganis said the overall outcome was favorable for LA, given that Paris was in line for the 2024 Games.
By the 1920s, William Mulholland was already searching for more water for the still-growing Los Angeles region, and was pushing for the building of an aqueduct and a dam on the mighty Colorado River.
This ambitious idea would come to pass in 1939--four years after Mulholland's death--with the completion of Hoover Dam.
But Andrew Zimbalist, an economist at Smith College in Massachusetts, said LA was better positioned for a longer wait than other recent Olympic cities because its plan calls for no new major construction“They will be able to run an operating surplus,” he predicted.