Originally Posted by
carleton
I think they are preparing a formal bid. As part of the bid process, they have to provide proof that if they win the bid, there is funding for the things that need to be funded.
Basically, "Hey, I'm gonna ask if we can host the 2028 Olympics. If the IOC says OK, will you guys pay for the stuff that needs to be built?"
I think it's a bit farther than that. They've got an agreement at the level of how much IOC is going to throw in and how much LA can keep of sponsorship they bring in (*much* more than usual). They'll be working out final contractual details for a while, but they're basically in negotiations to make it a done deal.
The formal bid was for 2024, and IOC is realizing that summer olympics have a tendency to destroy the host cities and countries and that cities are finally figuring that out, so they offered LA a very good deal to take 2028 without a separate competition if they'd let Paris have 2024.
Except for maybe a few of the water facilities (e.g. whitewater canoe) you could probably just walk into LA and put on an olympics without having to do much facility-wise. AEG has been building out LA for a couple decades as if they (AEG) were going to put in their own bid for the games.