LA's Olympic Gamble: Unsigned Contracts, Unlimited Liability

0:00California lawmakers back in 2017 passed a bill promising up to $270 million to cover Olympic losses, but only after Los Angeles shells out the first $270 million if there's a deficit. That law told the governor to sign a contract, making it official. But eight years later, that paper's still sitting unsigned. This states backup is massive for LA, which went all in as the financial safety net to snag the 2028 games. The private group running in LA 28 could rack up deficits and after 540 million total, the city puts the unlimited bill. City halls buzzing with worry, especially since another key deals unsigned too. The one reimbursing LA for extra Olympic costs like police. Over time, due over six months ago. Councilmember Monica Rodriguez even warned in a letter it could bankrupt the city if things go south. LA 28 says they're chatting regularly with state folks and expect a solid partnership

1:00for a fiscally smart games. The mayor's office is confident in agreements coming and the Olympics will turn a profit. With these contracts hanging, LA's prepping for 2028 under a cloud of financial, what ifs, but everyone's pushing to lock it down. Before the big show hits town, you've been listening to California News today, AI-powered local news.