L.A. Olympics organizers limit some financial disclosures, a Times review shows
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Set us as preferred Organizers of the 2028 Summer Olympics in Los Angeles have given vague and sometimes incomplete annual reports to the city on details of their preparations for what has been described as the largest athletic event in the nation’s history, records show.A review by The Times of five years of annual reports from LA28 shows that the organization appears at times to have curtailed the reporting requirements that are spelled out in its 2021 contract with Los Angeles.The private nonprofit organization’s yearly reports haven’t outlined progress on roughly two dozen venues around Greater Los Angeles.Nor have they included details about contracts LA28 signed with companies providing such services as security and preproduction work for the opening and closing ceremonies.The incomplete updates leave the city’s taxpayers with less information than promised on matters such as who is winning business — and the attendant jobs and profits — from contracts that soared to $687 million in value last year.
They also don’t have as clear a picture on things like the progress on plans to install a running track at the Los Angeles Memorial Coliseum and swimming pools inside SoFi Stadium in Inglewood.L.A.City Controller Kenneth Mejia demanded last month that LA28, the private nonprofit producing the Games, release a much more detailed accounting of its activities than it has in yearly reports to City Hall.
He has asked for bank statements, more detailed revenue and expenditure accounting and other documents.Mejia said he is aware of LA28’s assurances that robust ticket and sponsorship sales will ensure a healthy bottom line.LA28 has estimated the Summer Games will generate $2.6 billion in revenue from domestic sponsorships and $2.5 billion from ticket sales.
Even so, Mejia wants more information to be sure that ...