Latest news with #LA28Olympics
USA Today
3 days ago
- Automotive
- USA Today
Honda named official automotive partner for LA28 Olympics and Team USA
Honda named official automotive partner for LA28 Olympics and Team USA Show Caption Hide Caption Olympic flag returns to Los Angeles ahead of LA28 Games Olympic flag arrives in Los Angeles, host city for 2028 Games Honda 7267.T was named as the automotive partner of the 2028 Los Angeles Olympics and Team USA on Monday in the latest domestic sponsorship deal for the sporting extravaganza. The Japanese automaker, which established its first U.S. operations in Los Angeles in June 1959, will provide a vehicle fleet for the LA Games and also serve as the partner for Team USA at the 2026 Winter Games in Milano Cortina. LA28 chairman Casey Wasserman said Honda was a natural fit given the company's deep roots in the Los Angeles region. "They will show up to support athletes in their journeys to train for and compete in the Olympics," Wasserman said. "And they will use us as an opportunity to showcase the best of their vehicles and their technology." With the deal, the LA Games has now eclipsed $1.5 billion in sponsorship revenue amid a flurry of dealmaking in the first half of the year. Officials at LA28, the private, non-profit company organizing the Games, told Reuters they were confident they will reach or exceed their overall target of $2.5 billion in sponsorship revenue by the time the Olympic flame reaches Southern California. In case you missed it: Looking for a car that's truly 'made in America'? Good luck finding one. "Our hope is that we would get between $1.8 billion and $2 billion this year and I'm optimistic that we'll hit those numbers," said John Slusher, CEO of U.S. Olympic and Paralympic Properties. "Anything can happen, but sitting here today, I feel very optimistic that we'll reach or exceed our $2.5 billion sponsorship number by the time we hit the Games." The Paris Games last year had domestic sponsorship revenues of over $1.2 billion while the Tokyo 2020 Games, hosted in 2021 due to the pandemic, broke all records for domestic sponsorship deals with more than $3 billion of revenues. Paris tailwinds LA28 has announced half a dozen deals so far this year following the Paris Games, which were widely viewed as a success by athletes, fans, broadcasters and sponsors. Last month, LA28 named Archer Aviation ACHR.N as its air-taxi provider and appointed data cloud analytics company Snowflake SNOW.N as its official data collaboration provider. Slusher said as many as nine more sponsorship deals could be announced before year's end. "It was going pretty slow last year but coming out of the Paris Games and starting in November and December, things really started cranking at an incredibly high rate," he said. "NBC did such an amazing job of promoting and showing off the Paris Games here in the U.S. and Team USA did such a great job performing at a high level. It gave us a huge tailwind." LA28's roughly $7 billion budget will be paid for with money from the International Olympic Committee and IOC sponsors as well as domestic partnerships like the one with Honda, ticket sales, licensing, merchandise sales and other revenues. That money will cover a wide variety of expenses related to setting up and staging the Games including renting venues, Games operations and the opening and closing ceremonies. Taxpayer concerns The 1984 Los Angeles Olympics turned a profit and became a model for future Games but other host cities, including Sydney in 2000, Athens in 2004 and Rio de Janeiro in 2016, blew well past their budgets. The city of Los Angeles is currently grappling with a potential budget shortfall for this fiscal year and beginning the difficult and costly process of rebuilding from January's devastating wildfires. LA and California taxpayers could be on the hook for a portion of the Games budget if there are large cost overruns but Slusher, formerly a long-time Nike executive, said he was focused on making sure that does not happen. "It was stressed before I started the job that we want to have an amazing Games, turn a profit, and obviously under no circumstances are we going to be in a situation where the taxpayers foot the bill," he said. "That was made clear to me before I signed on and every day I wake up making sure I'm focused on that. That being said, I feel very optimistic about hitting our goals if not exceeding them from a revenue standpoint. "We'll fulfill Casey's commitment of having an amazing games and doing so in a way that leaves money for the city of Los Angeles as opposed to leaving a burden on the taxpayers." The Games will take place from July 14-30, 2028, and the Paralympic Games from August 15-27, 2028. Reporting by Rory Carroll in Los Angeles; Editing by Ken Ferris
Yahoo
09-04-2025
- Business
- Yahoo
Oklahoma City leaders approve joint resolution for 2028 Olympics
OKLAHOMA CITY (KFOR) – On Tuesday, city leaders approved a joint resolution that outlines Oklahoma City's commitment to make sure it's ready to stage the 2028 Olympic canoe slalom and softball competitions. Advertisement 'This sets the tone for the future and gives our partners, city staff, everybody, a sense of comfort and a sense of direction as we move into the next exciting three years,' said Mayor David Holt. LOCAL NEWS: Oklahoma chefs, restaurant named James Beard Award finalists The most notable part of the measure approved by the City and Oklahoma City Public Property Authority, is a $34.5 million financial guarantee that OKC will follow through with hosting the events. 'The only way that [money] would go to L.A. is if we said, 'Oh, my goodness, we can't host the events that we're saying we're going to host,'' said Councilman Todd Stone, Ward 4. Advertisement The Mayor described it as a 'bit of an insurance policy.' 'That is not a check we ever expect to write, but it is one, it is an amount of money that we will need to set aside to back up our word,' said Holt. LOCAL NEWS: Second Ronald McDonald House coming to NW OKC in 2026 The resolution also included a commitment from Oklahoma City and the Oklahoma City Public Property Authority that they will provide the necessary venues, like RIVERSPORT and Devon Park. They're also promising to keep up maintenance, make improvements and provide essential services like security, public safety, and transportation. Advertisement 'Some of the things that are included in this joint resolution with PPA making these commitments are pretty basic,' said Holt. 'But we've never made that statement here officially from this horseshoe.' The LA28 Olympics kick off July 14 and run through the 30. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. For the latest news, weather, sports, and streaming video, head to Oklahoma City.
