California legislators pledged up to $270 million in state tax dollars on Saturday to cover costs should Los Angeles' 2028 Olympic bid go over budget.
The 2028 Summer Games are expected to have a $5.3-billion price tag, and organizers think corporate sponsorships, ticket sales and other revenue sources could cover expenses. Los Angeles was awarded the 2028 Games this week, and city officials have asked the state for financial assistance.
Gov. Jerry Brown has not specifically weighed in on the measure, AB 132, but has promised broad support for the Olympics. He also signed a measure last year that would have provided a similar financial guarantee when Los Angeles was bidding on the 2024 Games.