Casey Wasserman, a former Goldman Sachs M&A banker and chairman of LA28, was instrumental in bringing the 2028 Summer Olympics to Los Angeles. His background in high-stakes financial dealings proved invaluable in the intricate negotiations with the International Olympic Committee (IOC) and other bidding cities. The initial bid was for the 2024 Games, but through strategic maneuvering and patience, Los Angeles ultimately secured the 2028 event, allowing Paris to host in 2024. This "combo deal" was a significant win for LA, which extracted concessions from the IOC for its willingness to wait.
Wasserman's team, backed by legal expertise, successfully navigated the process over several years, capitalizing on the IOC's desire to avoid "too many losers" in its bidding system. Key moments included the withdrawal of Budapest from the 2024 race, which narrowed the field to Los Angeles and Paris, and subsequent direct talks between IOC President Thomas Bach and the mayors of both cities. Los Angeles secured a substantial $180 million cash advance from the IOC, along with permission to spend up to $160 million of the IOC's money on local youth sports initiatives and several waived fees, as reported in July 2017. These financial incentives were critical in presenting the deal as a success for Los Angeles, particularly in the context of ensuring a "zero-cost" Games for city taxpayers.
LA28 aims to raise $2.5 billion from domestic sponsorships, and as of June 2025, has secured contract revenue worth more than 60% of this goal, partnering with major tech companies like Google and Uber. Despite the positive fundraising, Los Angeles city officials, including City Attorney Hydee Feldstein Soto, have raised concerns about potential extraordinary costs and are demanding strict contracts to ensure LA28 covers all expenses, especially given a projected $1 billion security bill. The organizers, however, remain confident in their ability to deliver a privately funded Games without burdening taxpayers.
