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LA2024 Committee Begins Work On Legal, Funding Issues

LOS ANGELES ( — The bid to bring the Summer Olympics back to Los Angeles has advanced to the second stage, with the candidacy committee now expected to present plans on how the games will be funded by this fall.

The International Olympic Committee's executive board has signed off on the LA 2024 committee's application package for the first stage, which focused on the vision, concept and strategy of hosting the Olympics in Los Angeles. The next stage requires the bid committee to provide the IOC with its plans for handling the governance, legal and venue funding issues for an LA-based Olympics.

This package is due Oct. 7.

Los Angeles, which hosted the Summer Olympics in 1932 and 1984, is competing with Paris, Rome and Budapest in a bid to host the Games.

The International Olympic Committee is scheduled to select a host city for the 2024 Summer Olympics and Paralympics during a meeting in Lima, Peru, in September 2017.

(©2016 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)

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