Olympics: 2024 Games bidders present second dossier to IOC

Stage two deals with 'Governance, Legal and Venue Funding' and is the most important in the eyes of the IOC as it provides the guarantees that the Games will be financially solid come what may.

Paris Olympics Game 2024 bid second dossier

Paris, which boasts having 95 percent of the necessary infrastructure, will present a budget of 3 billion euros, financed jointly by public and private funding, including the construction of an Olympic village, an aquatic centre and an Arena.   -  Reuters

Candidates bidding to host the 2024 Olympic Games -- Budapest, Los Angeles, Paris and Rome -- will submit the second part of their bid to the International Olympic Committee (IOC) in Lausanne on Friday.

Stage two deals with 'Governance, Legal and Venue Funding' and is the most important in the eyes of the IOC as it provides the guarantees that the Games will be financially solid come what may.

Paris, which boasts having 95 percent of the necessary infrastructure, will present a budget of 3 billion euros, financed jointly by public and private funding, including the construction of an Olympic village, an aquatic centre and an Arena.

Local authority investments are expected to chip in to the tune of 357 million euros with another billion provided by the State to be formalised Friday by Prime Minister Manuel Valls.

The French dossier will also include letters of support from all political parties and potential candidates for the presidency of France in May 2017.

Budapest's bid will also be accompanied by a signed letter of guarantee from Prime Minister Viktor Orban.

Los Angeles has not yet announced its budget but it is known that the project relies solely on private funds. Generous sponsors have announced their contribution should the Californian bid win.

As public guarantees are essential, the city of Los Angeles and the state of California have each agreed to $250 million (223mn euros) available to guarantee any additional costs.

The federal government will assure the security of the event.

President Barack Obama has not really been involved in the project, even stating in a recent interview that the decisions of the IOC were "a little bit cooked" after Chicago lost out for the 2016 Games.

If Rome submits the second part of its bid it will be merely symbolic after the new mayor's request to withdraw support. Mayor Virginia Raggi's position is that the cash-strapped city needs to sort out its own problems before being in a position to host the Games.

Stage three of the bid process will be a dossier on 'Games Delivery, Experience and Venue Legacy' for February 3 next, before the Evaluation Commission visits cities in May and the final vote on September 13 in Lima.