Olympics Could Prove Costly for Taxpayers, LA Controller Says
The deal gives JPMorgan exclusive marketing rights and follows organizers’ push to sell one sponsorship across the Olympics, Team USA and the Paralympics.
- JPMorgan Chase & Co. became the first global banking partner for the LA 2028 Olympic and Paralympic Games, with partnerships of this scope estimated to reach upwards of $200 million per four-year cycle.
- Last week, the company announced plans to hire more than 100 additional business bankers across Southern California, representing a 30% increase pegged to its Olympic presence.
- Chief marketing officer Carla Hassan called the partnership a "firm-wide initiative" covering the LA 2028 Games, the Paralympics, and 2030 French Alps events. "Very few partnerships are that global in nature, right?" Hassan said.
- On Wednesday, the Los Angeles City Council approved the Enhanced City Resources Master Agreement in a 10-4 vote, establishing processes for the city to seek reimbursement for Games-related services.
- While LA28 must maintain a $270 million contingency fund for shortfalls, City Administrative Officer Matt Szabo acknowledged the city faces "inherent risk" regarding expenses not covered by federal reimbursement.
42 Articles
42 Articles
Purdue Exponent
Olympics could prove costly for taxpayers, LA controller says
(The Center Square) - The Los Angeles controller has warned that city taxpayers will be on the hook for cost overruns for the 2028 Olympic Games. In past cities, that extra cost has been as much as several billion dollars.
The Guam Daily Post
The Daily ItemLA reaches deal on cost recovery for 2028 Olympics, amid warnings about financial risk
A divided Los Angeles City Council finalized a deal with organizers of the 2028 Summer Olympic Games aimed at controlling the city's costs during the global event, amid complaints that the protections don't go far enough.
LA Council Approves Amendment to Master Agreement with LA28 for Reimbursement
A nearly 10-month-late master agreement outlining reimbursement costs for Los Angeles serving as the host city of the 2028 Olympic and Paralympic Games grew one step closer to being finalized after an amendment was approved Wednesday. In a 10-4 vote, the Los Angeles City Council authorized an amendment to the so-called Enhanced City Resources Master Agreement with the Los Angeles 2028 Olympic and Paralympic Organizing Committee. The agreement wo…
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