1984: The year the Olympics were mostly privatized

Didn’t know this at all. Olympics in LA were mostly through private efforts:

 

Put off by the financial setbacks experienced by Montréal and still grappling with the turmoil and political unrest left by the Cold War, the 1984 Summer Games were not particularly popular when it came to attracting potential host cities. In fact, only two cities even officially bid to host the 1984 Olympic Games: New York City and Los Angeles.

Los Angeles won the bid in the end, but its residents were not enthusiastic about this decision nor were they willing to foot the bill. The people of Los Angeles were so adamant about protecting their tax dollars from wasteful spending that they proceeded to pass a city charter prohibiting the use of public funds to be used for Olympic facilities. The city now had the honor of hosting the Olympic Games, but no way to pay for it.

Fortunately, a local businessman with a reputation for being budget-conscious stepped up and spearheaded the Los Angeles Olympic Organizing Committee (LA84). Comprised of other successful entrepreneurs and business-savvy individuals, the Committee’s goal was simple: find private funding for the Olympic Games, a feat that had never been done before.

Through private fundraising, corporate sponsorships, and fiscal discipline, the Committee pulled off the unthinkable.

…..When all was said and done, the 1984 Los Angeles Summer Olympic Games cost a total of $546 million dollars. When compared to the $50 billion spent on the 2013 Sochi Winter Games, the amount spent by LA84 seems almost minuscule.

While it would be unfair to call the ’84 Games a purely “private” endeavor, as the Committee did still receive some federal funding, the 1984 Summer Games showed the world that when it came to hosting the Olympics, privatization was not only possible, it was also the most efficient way to get the job done.

There is a paper as well on this. Wonder where this idea got lost..

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