Los Angeles could get $2bn from IOC for 2028 Olympics

LOSANGELES: Los Angeles officials really wanted to host the 2024 Olympics, but settled for the 2028 games instead, along with a lucrative consolation prize — about two billion dollars in additional funding from the IOC.

On Monday, the IOC awarded the 2024 Games to Paris and the 2028 Games to Los Angeles.

As part of the deal for Los Angeles officials to accept the four-year delay, the IOC agreed to give the city advance payments of $340 million, according to the New York Times.

Of that, $180 million will compensate the organising committee for an additional four years of preparation work, and $160 million will be earmarked for youth sports in the area, a payment usually made following the Olympics.