Legislators press for access to LA28 finances after 1984 lessons

At the hearing, legislators focused on where LA28's money is coming from and whether state and local governments have sufficient oversight. Rich Perlman and other panelists described how the 1984 organizing committee maximized television and sponsorship revenues and cautioned that modern hosting contracts and IOC revenue flows are different today.

Perlman told the committee: "Be a partner and show us the books and no one will say anything about it," urging government review of financial statements rather than relying on partner assurances. He cited figures provided to the committee, including a cited television-rights figure of about $898 million and reported domestic sponsorship commitments of roughly $2 billion, and recommended that legislators seek corroboration from LA28 before the state finalizes any guarantees or significant support.

Committee members asked whether LA28 has held open board meetings and whether quarterly financial statements are available; Perlman said historic LAOC practice included open board meetings and periodic statements and suggested the modern organizing committee's public reporting cadence is slower. Several panelists recommended the Legislature require periodic briefings or access to current financial statements — possibly in closed session for confidential items — so officials can assess contingency exposure and verify that pledged private commitments exist.

The committee scheduled a follow-up meeting with LA28 staff on April 6 in Sacramento to examine procurement, contracts and the organizing committee's commitments. Members signaled they will probe accounting controls, procurement plans and whether LA28 will follow equitable procurement practices the committee emphasized in questioning.