The executive board of the International Olympic Committee yesterday approved a formula that would release the city of Los Angeles from financial risk it might incur as host of the 1984 Summer Olympics.

Subject to ratification by the other members of the International Committee, the United States Olympic Committee and the Los Angeles City Games to federal funds and grants from private industry.

Those funds would help the USOC assure financial stability for the event, in limbo after Los Angeles refused to sign a contract submitted by the IOC that made the city accept joint financial responsibility.

Hard-hitting Teofilo Stevenson, olympic heavyweight boxing gold medalist in 1972 and '76, makes his American debut at Madison Square Garden Oct. 6, according to John Condon, the Garden boxing director.

Stevenson, who is unbeaten would highlight a United States vs. Cuba amateur series here. His likely opponent is Jimmy Clark.

A federal judge in Philadephia extended indefinitely a restraining order against the Major League Umpires Association, assuring their continued presence on major league diamonds.

During the hearing the association's president Bob Engel, testified that former attorney John Cifeli had not been given permission to sign a five year contract with both leagues in 1977.

Engel and other witness said they had passed Cifeli for a written copy of the verbal agreement reached between the leagues and the association in March 1977, but they never received any document.

Speaking of boxing, Muhammed Ali, attempting to win the world heavy-weight championship for the third time Sept. 15 against Leon Spinks, moved his training camp to New Orleans.

We've got the right place, the right weather and the right man," Ali chanted. "I'm slim and trim and I want him. He saved the last dance for me."

Angelo Dundee, Ali's trainer, said of the former champ. "He's in the best shape he's ever been - the best ever - tremendous shape." Dundee added that he has not had to coerce Ali into training hard. "When he makes up his mind, he doesn't need a coach."

To add to Spinks' woes, John Lutz, a North Carolina businessman, wants a piece of the financial pie and has filed suit asking proceeds from Spinks's fights for three years (Aug. 1976-Aug. 1979), $1 million in punitive damages and $5,956 in actual damages.

Lutz alleges Spinks thrice told him he wanted Lutz to be his manager. Lutz said the two discussed terms of a contract, to evenly divide proceeds from Spinks' professional fights between the pair.

Television coverage for the installation of new Pope John Paul I Sunday may delay or preempt portions of televised National Football League season-opening games. The papal ceremonies are expected to start at noon (EDT).

An NFL spokesman said that, on his understanding that the Rome ceremonies will last only about one hour, the league has made to plans to delay kickoffs.

A CBS spokesman said yesterday the network plans to carry the pope's installation and "it's almost cetain some pro football will be preempted."

A publicist for NBC said the network has not decided if it will carry the ceremonies from Rome.

It had to happen sometime.

The Cincinnati Reds' home park, Riverfront Stadium, finally had a game rained out late Wednesday night. The event marked the first time in the eight-year history of the stadium that the Reds have fallen victim to the weather. They trailed the Pirates, 8-4, when the game was called aafter 3 1/2 hours of delay.