US Olympic and Paralympic Properties, the joint sales venture of the LA 2028 Organising Committee and the US Olympic Committee, is closing in on its first deal, according to US press reports.
The projected deal with US sporting goods giant Nike, reported by Sport Business Daily earlier this week, is thought to cover tier-one packages for LA 2028 and USOC rights, from 2021 to 2028.
Market speculation has valued the deal, which is yet to be confirmed, at about $200m (€178.2m) over the term.
The marketing arm of LA 2028 has targeted a $2.5bn in sponsorship sales goal for the period up to 2028.
In October last year, the organisation named former Soccer United Marketing president Kathy Carter as chief executive to drive the sales effort.
Carter’s goal is to generate total domestic revenues of more than $5bn from domestic sponsorship, consumer product, hospitality and ticket sales.
Later that month, the Legends agency was named as the sponsorship sales agency for LA 2028.
The agency is tasked with developing, identifying and securing sponsorship opportunities across the LA 2028 and Team USA platform.
With a ten-year sales window, experts believe US Olympic and Paralympic Properties could smash the sponsorship sales target of $2.5bn.
Sponsorship consultant Tim Crow, former chief executive of the Synergy agency, told SportBusiness Professional last year that he would expect LA to make $2bn as an “absolute certainty.”
Crow added: “I would not be surprised at all if it did over $3bn, because they have such a long run at it.”