2024-03-12 19:20:33
The Los Angeles 2028 Olympic and Paralympic Games promise to be a record edition in more than one way. Beyond the large sports program and the promise of a new era of Games, the Californian deadline should reach new heights in terms of revenues from sponsoring.
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A more than four years of the Opening Ceremony of the LA 2028 Gamesthe Organizing Committee can already be satisfied with the dynamic initiated since the award of the event in September 2017, a dynamic which permeates several tables of preparations.
Step by step, the organizers have built a development strategy for the Olympic and Paralympic project, giving more than ever a new dimension to the very model of the Games.
Faithful to this strategy, LA 2028 has notably deployed an emblem that can be infinitely transposed and that, in addition, can also be adapted by the partners of the Games.
The 2028 edition also intends revolutionize ticketing for global events which, on the Olympic part, will count up to 36 sportsincluding the 28 sports of the initial program, the 5 additional sports approved in the fall of 2023, the return of modern pentathlon, weightlifting and possibly boxing.
LA 2028 also intends to capitalize on the wealth of its existing sports infrastructures, while considering the development of temporary facilities. A way of reinforcing the promise of Games without new long-term construction and even more, the commitment to Games financed 100% on the basis of private funds.
As such, the Organizing Committee and the United States Olympic and Paralympic Committee (USOPC) very early on – from summer 2018 – wanted to build the foundations of a common body responsible for rights management marketing of the two entities, with the aim of formalizing contracts worth 5 billion dollars (4.58 billion euros), or 2.5 billion (2.29 billion euros) for the first structure and a equivalent amount for the second.
View of SoFi Stadium in August 2020 (Credits – SoFi Stadium)Barely a month after the attribution of the Games, Gene Sykes did not miss the opportunity to mention the relationships of trust between the American Olympic and Paralympic Movement and private actors.
As stated then near “Sport & Society” the one who served as Director General of the Bid Committee and who now chairs the USOPC:
[Le Comité américain] has very good relationships and experience working with American companies that sponsor Team USA, and we therefore look forward to working with them to ensure that we can finance the 2028 Games through the private sector.
More than six years after this remark, at the bend of a interview pour The Bill Simmons Podcast on the site The Ringerthe President of LA 2028 discussed the current state of partnerships established in the run-up to the Games, knowing that the 35% threshold was reached in July 2023. In other words, last summer and based on the aforementioned objective, LA 2028 had succeeded in securing income from sponsoring to the tune of 875 million dollars (801.14 million euros).
Today, a new level seems to have been reached.
According to Casey Wasserman, LA 2028 has so far made commitments greater than those obtained by Paris 2024 which, as a reminder, amounted to nearly 1.2 billion euros at the end of last year on the French side.
This significant level obviously suggests many additional gains in the months and years to come and, potentially, a financial windfall beyond the set objective. The record of Tokyo 2020 could therefore be seriously threatened.
Tony Estanguet, President of the Paris 2024 Organizing Committee and Casey Wasserman, President of the Los Angeles 2028 Organizing Committee in November 2019 (Credits – Tony Estanguet / Official Twitter account)Whatever happens, LA 2028 intends to maintain the rigor and seriousness with which the Committee teams have worked until now.
Although a budgetary revision has not yet been announced, the overall investment that the Organizing Committee will have to make still amounts to approximately 6.9 billion dollars (6.32 billion euros). The strong man of LA 2028 also took advantage of his recent interview to specify that 85% of this budget would be spent during the 18 months preceding the opening of the Games.
As stated by Casey Wasserman to illustrate the state of mind of the organizers:
You’d better know what you’re about to spend, because you don’t have time to course-correct if you go over budget.
Once you start, you kind of have to finish the job so that on July 14, 2028, the Olympic flame shows up at SoFi Stadium.
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