Los Angeles' City Council have voted unanimously to authorise the signing of a Host City Contract with the International Olympic Committee (IOC) for the 2028 Olympic and Paralympic Games.
The vote came after a heated committee meeting Friday morning.
In addition to the lack of an independent analysis of a formal budget for 2028, another potential risk factor is that part of the '24 deal included a $250 million guarantee from the state of California to cover possible cost overruns.
"We negotiated the deal of a lifetime to bring the Games back to America, create a new Olympic legacy for the next generation, and deliver access to sports and fitness programmes to every community in Los Angeles", Los Angeles Mayor Eric Garcetti said after the meeting. The rushed vote stems from the IOC's timeline to award both the 2028 Olympics and 2024 Olympics in September. The new budget for the 2028 Games is not expected to be ready for months.
KPMG validated a balanced $5.3 billion budget for the 2024 bid past year.
Opponents voiced their concerns Friday, arguing the games could worsen the local homeless crisis.
The U.S. Olympic Committee board of directors must also approve the deal. The council received a report on the various agreements on Wednesday, two days before its anticipated vote.
"The Los Angeles Olympics was the greatest time of my life", Lewis said.
American track star Carl Lewis stars in this latest series of videos by LA 2028 as he celebrates the 33rd anniversary of athletics legend's 1984 4th gold medal win matching Jesse Owens' record at the 1984 Games, winning his fourth gold medal and setting a new world record in the 4 x 100 m relay.
They will also be allowed to keep all surplus profit that they make. The contract outlines Los Angeles' financial responsibility in hosting the Games, although a budget for the proposed 2028 Games has not been completed.
Those guarantees will be part of documentation presented to the International Olympic Committee by its August 18 deadline.
The schedule leaves L.A. leaders with less time than they had to scrutinize the bid for the 2024 Olympics. And city analysts say the question of state support might not be resolved until 2018, though legislative leaders have expressed support. "The Allocated Contingency account may only be utilized with the City's prior written consent".
The MOU also gives the council oversight of "Financial Performance and Transparency Measures", and requires LA 2028 "to obtain a range of insurance policies at its own expense, to include the City as an additional insured, and to incorporate contractual indemnification language into any venue use agreements it executes".
LA 2028 will also present an insurance package to the city on September 14, LA 2028 chief executive Gene Sykes said.