LA 2024 releases $5.3 billion budget; no new stadiums needed

USA president-elect Donald Trump has spoken by phone with the head of the International Olympic Committee to support Los Angeles' bid to host the 2024 Games.

Coates made the comments after the third IOC coordination commission visit with the 2020 organizing committee came to a close after two days of sessions in Tokyo to hear updates of preparations for the games.

It was described as "low-risk" by Los Angeles 2024, who stressed their confidence that they would avoid problems of spiralling costs which have often been evident in previous Olympic and Paralympic Games budgets.

The budget will be discussed at the December 9 meeting of the Los Angeles City Council ad hoc 2024 Olympic committee.

The budget's biggest expense is venue infrastructure with more than $1.9 billion allocated for construction of temporary venues or fitting overlays in existing venues to get them to meet Olympic specifications.

An Olympic village that already exists, no new permanent competition or non-competition venues needed specifically for the Games and previously approved funding for the airport and transit that was not related to the Olympics all helped to keep costs down, officials said in a statement.

"The IOC just isn't going to sign off on a budget that we think exceeds what's needed for the cost of the games", he said.

The budget was independently reviewed by the accounting firm KPMG, which concluded LA's budget was "substantially reasonable".

Trump had also spoken with Los Angeles Mayor Eric Garcetti last week and told him he supported the Olympic bid. That projected surplus isn't included in the latest budget.

The plan revised an initial budget announced in August a year ago which projected a US$161 million surplus.

Los Angeles 2024 expect ticketing would provide $1.47 billion (£1.15 billion/€1.37 billion) - the second largest source of income behind the domestic sponsorship programme, which they estimate will generate $1.93 billion (£1.51 billion/€1.81 billion).

The IOC has found itself at a crossroads with the soaring costs of hosting the Games.

Of the past five Summer Games, at least three finished with deficits. That figure continues to grow because of the cost of maintaining Olympic venues that are no longer being used on a regular basis, if at all.

"As the International Olympic Committee, we confirmed that we are not in the position yet to accept a budget of 20 billion dollars".

LA 2024 Chairman Casey Wasserman added "from day one, LA 2024's budgetary objective has been: 'no surprises.' If LA is chosen to host the 2024 Games, the International Olympic Committee does not have to worry about changing or evolving budgets, shifting competition venues or uncertainty about the delivery of the Games".