Los Angeles to Prepare Budget of 4.5bn Dollars to Host 2024 Olympics

Los Angeles is prepared to spend up to $4.5 billion if it is selected by the United States Olympic Committee (USOC) as its candidate city to host the 2024 Olympic Games, according to a report by the Los Angeles Times.

The reports, cited L.A. mayor Eric Garcetti, also report that there will be a $400m contingency, around $200m of which will be used to cover financial overruns,

The position opened up after Boston pulled out of the bidding process last month and speaking to the L.A. Times, Garcetti said the city is working hard to secure a deal with USOC to become the preferred candidate city for the U.S.

"I think it is right for this city. I think it's who we are," said Garcetti. "I think we benefit from it economically, socially." 

Garcetti admits that he can't promise there won't be any risks with the bid for L.A., but believes the benefits outweigh this.

"I cannot eliminate risk," he added.

"On the one-to-five hot scale, one being the coldest, my personal assessment, for what it's worth, is about a one."

USOC will have to make a decision in mid-September and Garcetti is confident that L.A. will secure the backing from USOC as talks continue.