The private organizers of the 2028 Summer Olympics in Los Angeles have hired a top Nike executive to help generate the money they need to balance their $6.9-billion budget.
John Slusher, who formerly oversaw global sports marketing for the sneaker giant, will become chief executive of LA28’s commercial operation, the group announced on Wednesday afternoon.
To pay for the Games, organizers are working with U.S. Olympic officials on a joint venture — called U.S. Olympic and Paralympic Properties (USOPP) — that must garner billions of dollars through corporate sponsorships, licensing agreements and ticket sales.
“The work that John will spearhead for USOPP is key to the delivery of the Games,” said LA28 president and chairman Casey Wasserman.
With less than four years to go, LA28 says it has secured about $1.5 billion of its stated $2.5-billion goal in sponsorships.
Closing that gap could be crucial to taxpayers because city and state legislators have pledged hundreds of millions in public funding to cover any debts should the 2028 Olympics finish with a deficit.