(ATR) The U.S. Olympic Committee is hoping to strike a deal with Los Angeles
to host the 2024 Summer Olympics. However, the editors of the L.A. Times worry that city leaders may be in over their heads.
Los Angeles is under consideration for the U.S. bid for the 2024 Olympics (Getty Images)
While L.A. Mayor Eric Garcetti may not be worried about cost overruns, the L.A. Times editors say "Angelenos could end up paying a bill for a sporting event many of them can't even afford to attend.
They add, "Although no one can predict what will happen nine years from now with any certainty, it is perfectly reasonable to make an educated assessment of the risks and benefits.
"What's unreasonable is for Olympic officials, who reap big profits from the Games, to require the citizens of one municipality to assume the liability for costs of an event they don't control and over which they have no say.
"That's a recipe for economic disaster; no wonder there's a history of Olympic cost overruns."
In a joint statement from the USOC and Boston 2024 released on July 27, the two groups said the time was right to withdraw the bid from the Massachusetts city.
While contact was made with Washington and San Francisco after the Boston collapse, only Los Angeles expressed an interest in pursuing a bid. The USOC must submit a letter of intent to the IOC before Sept. 15 in order to bid for the 2024 Olympics.
Budapest, Hamburg, Paris, and Rome are the other cities bidding for the 2024 Games.
Toronto Mayor John Tory waves the Pan American flag at the closing of the 2015 Pan Am Games (Getty Images)
Daniel Schwartz of the Canadian Broadcasting Corporation explores what has to happen for Toronto to bid for the 2024 Olympics.
"Obviously, Toronto Mayor John Tory isn't going to move ahead on something of this magnitude unless he feels he has the backing of other levels of government and the business community.
"But he has certainly added to the speculation when his office confirmed he had a private meeting last week with Aubut and Bob Richardson, the chief operating officer of Toronto's 2008 Olympic bid."
In other bidding news, a close vote at the 128th IOC Session in Kuala Lumpur elected Beijing as the host of the 2022 Winter Olympics on July 31.
The result of the voting was 44 to 40, Almaty, Kazakhstan losing to the Chinese capital.
Forbes contributing writer Rebecca Fannin says that the 2022 Games should be a "boon to the Chinese economy, entrepreneurship and travel."
Fannin adds, "After the Summer Olympics in 2008, the building boom shifted from Beijing - which is the tech and startup center in China - to Shanghai's glitzier environment. Shangri-La, Marriott and Four Seasons expanded and Pudong became a financial hub.
"Now thanks to the Olympics nod, Beijing should catch up and regain its lead."
Olympic Host Country in Crisis
Cyclists competed in an Olympic test event in Rio on Sunday (Getty Images)
In an article for CNBC, Julianna Barbassa, journalist and author of "Dancing with the Devil in the City of God: Rio de Janeiro on the Brink," describes the crisis facing Brazil in the lead up to the 2016 Olympics.
"When Rio de Janeiro bid for the chance to host the 2016 Games, everything about Brazil sparkled: Its economy was booming, its middle class had grown by the size of California's in less than a decade, and vast oil discovery off Rio's coast promised a lasting prosperity.
"Six years later, Brazil is in dire straights, mired in the deepest crisis in decades. The economy is expected to shrink this year and next, and the majority of Brazilians are calling for the impeachment of President Dilma Rousseff, whose approval ratings are in the single digits."
On Sunday, Rio hosted a test event for Olympic road cycling. According to Brazilian media reports, a video production team hired by Rio's City Hall was robbed by armed robbers minutes before the start of competition.
Chinese news agency Xinhua says that five photographers and cameramen were positioned in a tunnel to shoot the cyclists, "But they were approached by two armed men on a motorbike before their camera and cell phones were robbed.
"As none of the journalists resisted during the robbery, no one got injured."
Martha Karolyi (right) and Olympic gold medalist Gabby Douglas (Getty Images)
Weighing in on the road to Rio for the U.S. men's gymnastics team, USA Today's Nancy Armour says the U.S. men could learn an Olympic lesson from Martha Karolyi.
"Say what you want about Karolyi's methods, but there's no arguing with her results," Armour writes.
"Since she took over as national team coordinator after the Sydney Games, the U.S. women have won 79 medals at the Olympics and world championships, 32 of them gold.
"The men have 23 medals during that time, five of them gold."
Nick Zaccardi of NBC Sports covers five Olympic questions with U.S. basketball icon Larry Bird.
When asked whether he there was anything he missed experiencing at the 1992 Summer Olympics, Bird says there are a lot of things he wishes he could have done.
"But I did get to watch baseball games," he adds. "I got to watch Japan, Cuba, all the best, the United States. That's what I love. I love international baseball for some reason."
Compiled by Nicole Bennett
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