U.S. LA Olympics organizers confident to cover estimated cost of Games
NEW YORK, June 9 (Xinhua) -- Los Angeles Olympics organizers believe they are on track to meet or exceed their corporate fundraising goals in an effort to ensure that public funding will not be needed to pay for the Games, reported the Los Angeles Times on Monday.
LA28 organizers aren't concerned about visa issues and travel bans preventing athletes from competing, with its chairman Casey Wasserman saying that taxpayers shouldn't be worried they will be handed a bill for the 2028 Olympics.
"We are really confident in the progress we've made," said Wasserman. "We're focused on what we've always done to deliver the greatest Games we are capable of delivering in this city in the most fiscally responsible way that pays dividends for every member of our Olympic movement and our community."
"With the city of Los Angeles facing deep financial problems and transportation updates lagging behind schedule, LA28 is under pressure to deliver a completely privately funded Games," noted the report.
The private group says it remains up to the challenge as fundraising for the Los Angeles Games has been "going gangbusters," John Slusher, chief executive of LA28's commercial operation, said in an interview.
The Los Angeles Olympic Games will open on July 14, 2028. According to the latest financial report filed to the city in March, LA28 plans to cover the proposed 7.1 billion U.S. dollars cost with about one-third of the projected revenue coming from domestic sponsorships and another one-third coming from ticketing and hospitality.
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