California budget watchdog boosts Los Angeles Olympic bid

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California's budget watchdog on Thursday gave its blessing to Los Angeles' bid to host the 2024 Olympic games, saying its "low-cost, low-risk" approach will not require building major new venues and will not subject the state to excessive financial risk.

The Legislative Analyst's Office (LAO) report said a new law allowing the governor to enter into a contract with the city to provide no more than $250 million in state funds to pay for any financial deficits was a sound one.

"Los Angeles' bid relies almost exclusively on existing venues and infrastructure," said Jason Sisney, the LAO's chief deputy legislative analyst.

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