Paris and Los Angeles Ready to Host Olympics
On Tuesday, a vote is expected by the International Olympic Committee to break with its tradition and award two Olympic Games at the same time.
Paris and Los Angeles are the only two cities left for the 2024 Summer Olympics, but it has been very clear since earlier in 2017 that the IOC has leaned toward awarding the upcoming two games of 2024 and 2028 at the same time as a way to streamline its selection process along with providing more financial stability to its Games.
Hosting today’s Olympics almost guarantees huge debt as well as cost overruns and that is why a number of cities just abandoned their bids of late.
Researchers from the Oxford Said Business Schools recently estimated that the cost overrun for the Rio de Janeiro 2016 Summer Olympics was close to $1.6 billion.
All winter and summer games studied have had cost overruns, as was the case with Brazil, said researchers. For a city and a country to host the Olympic Games makes for a big undertaking making it one of the most financially risky and costly megaprojects that can be undertaken.
John Coates the Vice President of the IOC said on Tuesday that the Los Angeles and Paris Olympic Committees will have to determine who should host what year. The decision will then receive ratification in September.
If the cities are not able to settle that question of what year each hosts the games, the IOC will make the decision for them in September.
In February, after Budapest withdrew its bid the two other cities were left as the only ones for the 2024 Games.
Officials from Los Angeles and Paris stressed that their two cities already have the majority of facilities needed to host, reducing the cost.
Prior to the announcement, President Donald Trump tweeted he was working to get the Games for the U.S.
He has gone on record supporting bid by Los Angeles since just after being elected president in November and reportedly made a phone call to Thomas Bach the ICO president to lobby for Los Angeles.
Bach raised the possibility of making an announcement awarding both Olympic Games in 2024 and 2028, saying last December that picking one city each time produced loser. The executive board of the IOC voted in June to award both games during the same time. The complete IOC will vote on Tuesday.
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