California governor approves $250 million Olympics guarantee
September 29, 2016 - 2:53 PM
SACRAMENTO, Calif. - Gov. Jerry Brown is approving legislation that puts California taxpayers on the hook for up to $250 million if Los Angeles is awarded the 2024 Olympics and the Games go over budget.
Brown announced Thursday that he signed the bill, SB1465, by Democratic Senate President Pro Tem Kevin de Leon of Los Angeles.
LA Olympics boosters say the guarantee is needed to bolster their case against rivals seeking the Games in Paris and Budapest, Hungary.
They insist LA has a sustainable budget and insurance protection. Backers say the 1984 Los Angeles Olympics were profitable.
Critics say the guarantee is not a good use of tax dollars.
The state provided similar guarantees for Los Angeles' bid for the 2016 Olympics.
The International Olympic Committee will name the host city in September 2017.
News from © The Associated Press, 2016