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Los Angeles city council vote unanimously to bid for 2024 Summer Olympics

Xinhua, September 2, 2015 Adjust font size:

The Los Angeles City Council Tuesday voted unanimously to support the bid for hosting the 2024 Summer Olympic Games and the U.S. Olympic Committee formally named the city as its official bidder for the athletic spectacle.

"It is my distinct honor to formally name the city of Los Angeles as the U.S. bid to host the 2024 Olympics," United States Olympics Committee (USOC) CEO Scott Blackmun said at a beach-side news conference in Santa Monica about an hour after the council's vote.

Los Angeles started the effort after Boston, the USOC's initial choice, backed out over concerns about financial liability.

Los Angeles Mayor Eric Garcetti pointed to the existing sports venues and other amenities, some of which are already being upgraded, as reasons the city would be a good choice for the International Olympic Committee (IOC).

The 1932 and 1984 Summber Olympics Games were held in Los Angeles. And the city just host the Special Olympics 2015 in July. If the city wins the bid, it will join London as the only cities to host the Summer Olympics Games.

LA24, a non-profit organization set up for the bid, estimated the cost for hosting the 2024 Olympics would be 4.1 to 4.6 billion dollars and the revenue from the Games could be 4.8 billion, resulting in a profit of at least 161 million going to LA24.

The budget anticipates the International Olympic Committee will contribute 1.5 billion dollars, or 31 percent of the revenue, with domestic sponsorships and ticket revenue making up the other two-thirds. The bid packet also included details about how the Olympics might be operated.

The USOC will submit the U.S. proposed city to the IOC before the Sept. 15 deadline. The IOC is expected to make a final decision on a host city in September 2017.

The Summer Olympics were last held in the United States in 1996, when Atlanta was the site. Endi