California Gov. Jerry Brown on Thursday signed legislation that provides LA 2024's bid for the Olympics with a state-funded $250M guarantee "against cost overruns," according to Scott Reid of the ORANGE COUNTY REGISTER. The legislation was "viewed as critical in the eyes" of the IOC if LA's bid to host a third Games was to "remain viable." The move comes a week before LA 2024 has to "submit Stage II bid documents regarding governance, legislation and venue funding." The new law "sets up a state-funded Olympic Games Trust Fund for potential cost overruns," and the fund would pay up to $250M to "cover cost overruns related to the Games." The payments "would begin only after LA 2024's private insurance payouts are exhausted" and the city contributes $250M (ORANGE COUNTY REGISTER, 9/30).
BACK IT UP: The AP's Andrew Dampf reported the Rome City Council on Thursday "backed Mayor Virginia Raggi's decision to reject the capital's bid" for the '24 Games. There were 30 votes "in favor of withdrawing the bid, and 12 votes against the motion." It is the second time in four years that Rome has been "forced to withdraw an Olympic bid." Former Italian Prime Minister Mario Monti in '12 "scrapped the city's bid" for the '20 Games "because of financial concerns." The latest withdrawal is "another clear signal that the IOC still has a lot of work to do to convince cities that hosting the games is a boon and not a burden" (AP, 9/29).
