Los Angeles aims to host 2024 summer Olympics

Los Angeles mayor Eric Garcetti and businessman Casey Wasserman have formed a non-profit organisation, named LA24, and are trying to pitch the city of Los Angeles to the United States' Olympic Committee (USOC) as the country's bid for hosting the 2024 summer Olympics.

Garcetti and Wasserman officially began talks earlier this month with USOC officials in a bid to replace Boston as the United States' host city candidate, reports Xinhua.

Boston was dropped as the host city candidate last month after the city's mayor refused to sign a hosting document, citing concerns that the Olympics would be too costly and financially risky for taxpayers.

The USOC has until September 15 to submit its proposed host city to the International Olympic Committee (IOC), which makes the ultimate decision on where the 2024 Olympics will be held.

Garcetti's senior adviser Jeff Millman said on Monday that Garcetti sees Los Angeles as the most financially prudent option for hosting the Olympics, since the city "have almost everything built," such as the Coliseum, Staples Center, Stub Hub Center, the Forum.

Garcetti also said that it is a way to re-energise the Los Angeles city.

LA24 officials estimated in December that it will cost $4.1 billion to host the Olympics in Los Angeles. The budget also calls for a $400 million contingency to cover any cost overruns or shortfalls, which brings the budget up to $4.5 billion, he said.

If Los Angeles is chosen as America's bid, it could be up against potential foreign bidders such as Rome, Nairobi, Casablanca, Johannesburg, Durban, Doha, Melbourne, Paris, Hamburg and St. Petersburg.

The United States did not make a bid to host the 2020 summer Olympics, which were awarded to Tokyo in 2013. Los Angeles sought to be the US candidate to host the 2016 Games but was beaten by Chicago, whose bid was ultimately rejected by IOC in favour of Rio de Janeiro, Brazil.

Los Angeles is looking to join London as the only cities to host the summer Olympics thrice. Los Angeles was the site of the 1932 and 1984 Games.

The summer Olympics were last held in the United States in 1996, when Atlanta was the host city.