Wayne Drehs explains why Los Angeles is on the verge of hosting the 2028 Olympics instead of 2024. (2:07)

The Los Angeles 2024 Olympic Bid Committee formally announced on Monday the city has reached an agreement with the International Olympic Committee to host the 2028 Summer Games.

The decision means Paris will host the 2024 Olympics and marks the return of the Summer Games to the United States for the first time since 1996 in Atlanta. Los Angeles (1932, 1984, 2028) and Paris (1900, 1924, 2024) will join London as the only cities to host three Olympic Games.

Both Games will be officially awarded at the 130th IOC session in Lima, Peru, on Sept. 13.

The Los Angeles bid committee announced the agreement in a statement Monday, outlining the basic terms that were reached with the International Olympic Committee as part of the deal. As part of the Host City Contract, the IOC is set to contribute at least $1.8 billion to help carry Los Angeles through the longer planning period. According to the statement, that amount could exceed $2 billion if future budgets factor in potential changes in sponsorship agreements and new marketing deals.

The L.A. bid committee also thanked the Trump Administration, the White House Office of American Innovation and the U.S. Senate and House of Representatives for their support of the bid: "The USOC and Los Angeles bid team greatly appreciate their strong commitment to bringing the Olympic and Paralympic Games back to the United States," the statement said.

"This is an historic day for Los Angeles, for the United States and for the Olympic and Paralympic Movements around the world," Garcetti said in the statement. "This agreement with the IOC will allow us to seed a legacy of hope and opportunity that will lift up every community in Los Angeles -- not in 11 years' time, but starting now and continuing in the years leading up to the Games. LA 2028 will kick-start our drive to make LA the healthiest city in America, by making youth sports more affordable and accessible than ever before."

Speaking with reporters at a soccer stadium in Carson, just outside LA, Garcetti said the 2028 proposal was the better of the two, promising to bring hundreds of millions of dollars in additional benefits. The deal "was too good to pass up,'' the mayor said.

The final hurdle will be approval from the Los Angeles City Council and United States Olympic Committee board of directors; City council spokeswoman Caolinn Mejza said the pact is expected to be reviewed by the council later this week.

The path to an unprecedented double award was paved last month in Switzerland, where the IOC membership unanimously approved the executive board's recommendation to give the 2024 and 2028 Games to the two candidate cities remaining, Paris and Los Angeles. After that vote, Garcetti and Paris Mayor Anne Hidalgo joined hands on the stage in celebration.

For the past three weeks, leaders from both bids and the IOC have negotiated the terms of a dual-bid allocation. Paris leaders have long said they could host in 2024 because the land where they plan to build the Olympic Village would be available for those Games only. Los Angeles officials publicly stated a preference for 2024 but expressed a willingness to host in 2028 if the IOC made the risk that comes with waiting four more years worthwhile.

"I don't want the Olympics at any price," Garcetti told ESPN in June. "I won't accept these Games if they put the city in debt or at risk. I won't do it if there's not a genuine human legacy and instead it's just a vanity party for 2 1/2 weeks."

Though the details of the agreement have not been made public, Garcetti hinted earlier this week that negotiations were heading in the right direction.

"They are making it financially -- and we are negotiating this -- so attractive we would be stupid not to take 2028," he told Buzzfeed.

Los Angeles has reached an agreement that would allow the city to host the 2028 Summer Olympics. An announcement on the compromise is expected Monday. Kevork Djansezian/Getty Images

In September 2015, Garcetti stood at Santa Monica Beach and officially announced that Los Angeles had replaced Boston as the U.S. candidate city for 2024. At the time, the grassroots #NoBostonOlympics campaign raised questions about the taxpayer cost of hosting the Games; public approval plummeted, torpedoing Boston's bid. The USOC quickly turned to Los Angeles, where an independent poll found that 88 percent of residents were in favor of hosting the Games.

Los Angeles was a late addition to a field that included not only Paris but also Budapest, Hungary; Hamburg, Germany; and Rome. One by one, over the course of the next two years, Budapest, Hamburg and Rome all bagged their bids under mounting public pressure.

It was another PR disaster for the IOC, which has found fewer and fewer cities willing to host the Olympics. Two years ago, six European cities backed out of their bids for the 2022 Winter Games, leaving Almaty, Kazakhstan, and Beijing as the final candidates. Beijing eventually won.

So when the IOC Evaluation Commission reported that Paris and Los Angeles offered two of the strongest, most fiscally responsible bids the IOC has seen, IOC president Thomas Bach floated the idea of a dual-bid allocation. After the executive board approved the recommendation in June, Bach said more than likely the stronger bid would host second.

Los Angeles' privately funded $5.3 billion budget includes no new permanent venues. It instead benefits from an infrastructure boom in Southern California, including the $2.8 billion future home of the NFL's Los Angeles Rams and Chargers and the new LAFC soccer stadium. USC has pre-existing plans for a $270 million renovation of the historic Memorial Coliseum, and UCLA's dorms will house the athletes' village. Games rights-holder NBC Universal has pledged to construct the media compound on its lot, with future plans to convert it into a movie studio.

The Los Angeles City Council has pledged to contribute $250 million to cost overruns. The state of California has agreed to the same, but only if LA 2024's private insurance is unable to cover the additional costs.

Garcetti said he doesn't anticipate needing any public funds. The 1984 Los Angeles Games are the only Olympics in modern history to run at a profit.

"The cost to taxpayers to put this plan together is nothing," Garcetti said. "There's risk. Eyes wide open, it could be something. But I'm close to 100 percent confident."

Los Angeles City Council President Herb Wesson called the agreement a "win-win-win scenario.''

The opportunity to host the Games "is a golden occasion further strengthening Los Angeles -- not just through bricks and mortar, but through new opportunities for our communities to watch, play and benefit from sport,'' Wesson said.

In a statement Monday, President Trump said he's confident the 2028 Summer Games in Los Angeles will exemplify the Olympic ideal and the American spirit.

He says America shines brightly during the Games and "LA 2028 will be no exception.''

The decision to wait four more years likely brings with it additional risk. That's four more years where the economy can change or something like an earthquake or major terrorist attack could drastically alter the sports landscape. And although public opinion in Los Angeles currently supports hosting the Games, that's four more years for Olympic opponents to galvanize dissent.

Through his negotiations, Garcetti was hopeful the IOC would help continue the tradition of the LA84 Foundation and make youth sport free for all children in the city.

"That to me is something that I think they need to be able to help us design," he said. "That is a good message for the Olympics. That is a good message for our Games. And it's a great thing for the health of our city and our world.

"I'm as anxious as anyone to have the party as soon as possible. But what's really important is the life of your city, the opportunity for your residents. If I can do something for my city, I have to look at, What's the better deal?"

The answer, it appears, is 2028.

The Associated Press contributed to this report.</s>Los Angeles has decided its Olympic aspirations can wait four years, which means Paris is poised to host the 2024 Summer Olympics.

The two cities had both been awarded hosting rights by the International Olympic Committee and have been negotiating for the past three weeks on which city would go first and which would wait until 2028. The Los Angeles Times reported Monday that a deal between the three parties has been struck with Los Angeles agreeing to stage the 2028 Summer Games.

While Los Angeles was expected to push for youth sports funding and other possible financial considerations, terms of the deal were not immediately known. The Times reported an official announcement from the IOC could come later Monday. The deal would still need to be ratified by the IOC at its Sept. 13 meeting in Lima, Peru.

A spokesman for the LA 2024 committee did not immediately respond to a request for comment. The committee has scheduled a news conference for 8 p.m. ET.

The 2024 bidding process had been among the most calamitous with several cities pulling out of the race early, including Rome, Budapest, Boston and Hamburg, Germany. Eventually, only Los Angeles and Paris were left standing, and on July 11 the IOC voted unanimously to move forward with a dual award for the 2024 and ’28 Summer Games, ensuring that both cities would have hosting honours.

Even before negotiations began, it was widely presumed in Olympic circles that Los Angeles would end up with the 2028 Games. The Paris committee had remained steadfast in its desire to host in ’24, while Los Angeles officials repeatedly highlighted their flexibility.

“Our objective is to best serve the IOC’s needs, not only ours,” Casey Wasserman, chair of the LA 2024 committee, said earlier this month. “That’s why we’ve never given an ultimatum about 2024.”

The agreement means that both Paris and Los Angeles are poised to host an Olympics for a third time. Los Angeles previously staged the Games in 1932 and ’84; while Paris hosted in 1900 and ’24. While Salt Lake City hosted the 2002 Winter Games, no American city has hosted a Summer Olympics since Atlanta in 1996.</s>"La La Land" will have to wait just a little longer to bring home the gold.

Los Angeles will be the host of the 2028 Summer Olympics instead of the 2024 games, officials confirmed on Monday.

"Hosting the Olympic and Paralympic Games for the first time in 44 years is a golden opportunity for LA," Los Angeles City Council President Herb Wesson said in a statement on Monday.

After reaching a deal with the International Olympic Committee, the Olympics will return to the City of Angeles in 2028, the third time since it first hosted in 1932.

"In 1932 and 1984, the Olympic Games helped to transform our city for the better — not just through bricks and mortar, but through new opportunities for our communities to watch, play and benefit from sport," Wesson said. "Over the next 11 years and beyond, we want to bring those benefits to young people across this city on an unprecedented scale."

IOC President Thomas Bach called Los Angeles an "excellent" candidate for the 2028 games in a statement posted to the committee's webstie.

"The IOC welcomes this decision of the Los Angeles Olympic and Paralympic Candidature Committee. and we are pleased to release the Host City contract 2028 in a transparent and timely manner," Bach said.

He added that the decision to make Los Angeles the games' 2028 host would be ratified during a meeting in September in Peru.

The agreement, which has been in the works for several months, means Paris will host the 2024 Summer Olympics, following Tokyo in 2020.

Typically the IOC doesn’t confirm two cities as hosts at once, but decided make the move rather than rule out a strong contender.

The decision had not been expected until September.

California and the city of Los Angeles have agreed to provide financial backing in case of cost overruns, although the city’s bid will not rely on public financing. It is predicted the games will make the city money, which can be put toward youth sports — as was done during the 1984 Los Angeles Olympics.

The IOC convened on July 11 and 12 and agreed that Paris and Los Angeles would be the host cities for the two future games, but didn’t announce who would hold which year’s event. Following the vote, Paris was seen as the frontrunner for 2024.

The two cities and the IOC struck a three-way deal to ensure the dates of the games would be locked in. If the deal fell through, it was possible that the 2028 games would be up for grabs again.

Related: Olympic Leaders Signal They Will Name Hosts for 2024 and 2028 Games

But following the announcement that the two cities would host the events, Los Angeles Mayor Eric Garcetti and Paris Mayor Anne Hidalgo seemed eager to make the agreement work, ensuring that both cities would host the games regardless of the order.

"Both of us will find it more and more difficult to convince cities — whether it's Paris, Los Angeles or other American cities — to really go into this process if one of us gets turned down," Garcetti told the Associated Press earlier this month.

Garcetti hinted that L.A. was not likely going to host the 2024 games, saying last week that the 2024 bid "is not probably most likely to happen."

Boston, Budapest and several other cities pulled themselves out of consideration for the 2024 games after facing opposition over the high costs.

Los Angeles used this depict itself as the sensible choice because it would need to build no major new venues and would be able to show the world the Games could be staged efficiently and economically. However, the city seemed more willing to wait until 2028 than Paris.

The French capital was seen as the sentimental choice, with the event falling 100 years after it last hosted the Olympics.

The decision avoids inflicting a third recent defeat on Paris — which lost with bids for the 1992, 2008 and 2012 Olympics — and the United States. New York and Chicago both lost heavily for 2012 and 2016, respectively.

Those losses deepened a rift between the U.S. Olympic Committee and the Swiss-based IOC that LA 2024 and a new team of American officials have worked hard to heal.

The 2028 Olympics will be the first American-hosted games since 1996 in Atlanta.

NBC Universal is the U.S. broadcaster for the Olympics through 2032.</s>Los Angeles will host the 2028 Olympic and Paralympic Games as part of a deal in which Paris will hold the 2024 Games, according to sources familiar with negotiations between the city and the International Olympic Committee.

The agreement between Los Angeles and the IOC comes less than a month after the IOC voted unanimously to award two Games in one year for the first time since 1921.

The agreement will be formally announced by Los Angeles Mayor Eric Garcetti, city council president Herb Wesson, Los Angeles 2024 and U.S. Olympic Committee officials Monday, July 31 at 5 p.m. at StubHub Center.
• L.A., USOC officials tell IOC they’re ready to provide ‘transformative’ Games in 2024 The deal will be approved by the IOC membership on Sept. 13 in Lima, Peru.

The IOC’s unanimous vote in Lausanne on July 11 that guaranteed Los Angeles and Paris the opportunity to host a third Olympic Games was characterized by IOC president Thomas Bach and Garcetti as a “golden opportunity” for both cities and an Olympic movement whose future has been jeopardized by a series of corruption, financial and doping scandals that have scared off potential bid cities, younger viewers and sponsors.

The 2028 Games will follow the same general plans as Los Angeles 2024 officials pitched for the 2024 Games. Those plans were described in an IOC bid evaluation report released earlier this month as “forward-looking, innovative, vibrant, and cool.”

Los Angeles’ bid to host a third Olympic Games comes revolves four Olympic sports parks — downtown, Long Beach, South Bay, the Valley — and stresses a city re-energized and more diverse since hosting the record-setting 1984 Games as well as both the city’s lengthy Olympic history and its 21st Century vision for the Olympic movement.

The 2028 Games will benefit from $88 billion in previously approved infrastructure projects, the $14 billion renovation of Los Angeles International Airport and $120 billion in transit funding approved by Los Angeles County voters last year.

The IOC report repeatedly touches on the region’s wealth of existing Olympic-caliber venues and the city’s unique place at the intersection of the entertainment and technology industries.

“When discussing the main differentiators of both candidatures, the two words the Evaluation Commission often attributed to LA2024 were ‘dynamic’ and ‘futuristic,’” the report said. “Los Angeles is prepared to put its storytelling skills, creative energy and cutting-edge technologies to good use in delivering what it proposes will be a transformative Olympic Games that will thrill and inspire the world, just as some Hollywood masterpieces have done over the generations.”

Ninety-seven percent of Los Angeles’ proposed venues already exist or would be temporary. The commission wrote that “with so many world-class sports facilities at its disposal, the Los Angeles venue inventory exceeds Games’ needs.”

The opening ceremonies will begin at the Coliseum, from where the Olympic flame will be carried through the city’s streets to the $2.6 billion stadium being built in Inglewood for the balance of the ceremonies. The track and field competition will be held at the Coliseum, with swimming taking place nearby on the USC campus.

The Olympic Village will be at existing dorms and facilities at UCLA, providing athletes world-class training facilities just steps from their front doors. The LA 2024 budget lists $33.6 million in Olympic Village related costs. Gymnastics will take place at the Forum in Inglewood, with volleyball held at Honda Center in Anaheimn.

“The proposed Olympic Village would be outstanding in all aspects and very low risk from an operational standpoint,” the evaluation commission report said.

LA 2024’s plans for the 2024 Games projected a balanced $5.3 billion budget. That number is likely to increase for the 2028 Games, as are payments from the IOC.

The IOC will contribute to the 2024 host city nearly $1.5 billion — $855 million from television revenue, another $453.5 million from its TOP Sponsors program and corporate partners such as Coca-Cola and Visa, according to bid documents. The IOC evaluation commission report projected Los Angeles receiving $1.12 billion from the IOC and its top-level sponsors, according to an IOC evaluation commission report.

“One issue to consider, if the IOC provides financial inducements of some sort for 2028, is whether those inducements will make it less likely that the 2028 Games experience financial shortfalls,” said Jason Sisney, the state’s chief deputy legislative analyst. “Whether Los Angeles hosts the 2024 or 2028 Games, there will be many twists and turns in executing the plan over the next seven or 11 years. Sticking to LA 2024’s bold, low-risk plan is likely to require strict discipline by bid organizers and the city, working cooperatively with the IOC and sports federations.

“With the state government as a possible financial partner for 2028, we at the LAO (Legislative Analyst’s Office) will be interested in whether any deal with the IOC increases the Games’ financial cushion. While the LA 2024 plan is refreshingly low-risk, we would be most pleased if the initial 2028 plan carries even less risk. The reason: 2028 is a considerably more distant option – with all the unknowns that come with that – and managing risk should continue to be a priority for both the city and the state.”

LA 2024 is expected to reach a Memorandum of Understanding with the city that will be similar to the MOU approved by the city council in January. That agreement gave the council a role in the planning of the 2024 Olympic Games and the city protection against an unexpected financial deficit had Los Angeles been awarded those Games. The agreement required LA 2024 to establish an allocated contingency fund of at least $250 million. The fund would have been utilized only with the city’s written consent. The fund would have been created out of the $487.6 million LA 2024 plans to set aside for contingencies.

More to come on this story …</s>Los Angeles is on its way to being an Olympic city again, this time in 2028. A tentative deal announced Monday gives LA the Summer Games after Paris emerged as the last city standing in the contest for the 2024 Games. Here's how things progressed to this point:

WHY 2028 AND NOT 2024?

Only a few months ago, Los Angeles leaders winced at the prospect of hosting the 2028 Games. The city "is only bidding for 2024," LA Olympic Committee leader Casey Wasserman said in May. But that stance softened after International Olympic Committee President Thomas Bach pushed the idea of making revisions to bidding to avoid "too many losers," in other words, dividing the spoils for 2024 and 2028. LA embraced the second-place prize, 2028, after it became clear Paris was in line for 2024.

FILE - This July 11, 2017 file photo shows banners of Los Angeles 2024 candidacy, Paris 2024 candidacy and the International Olympic Committee (IOC), during the International Olympic Committee (IOC) Extraordinary Session, at the SwissTech Convention Centre, in Lausanne, Switzerland. It was announced Monday, July 31, that Los Angeles has reached an agreement with international Olympic leaders that will open the way for the city to host the 2028 Summer Games, while ceding the 2024 Games to rival Paris. (Jean-Christophe Bott/Keystone via AP,File)

L.A.'s bid committee has projected it will cost about $5 billion to stage the Games. While recent Games have seen runaway costs, LA officials predict the plan will stay in the black, covering all expenditures through ticket sales, sponsorships and other revenue. Major savings will come from using existing venues, like the Coliseum and Pauley Pavilion, rather than buildings new ones.

LA's agreement comes with a plump reward for the long wait: Under the 2028 contract, the IOC will advance funds to the LA committee to account for the longer planning period and to increase youth sports programs leading up to the Games. The IOC contribution would be $1.8 billion, with the potential to exceed $2 billion when taking into account the estimated value of renewed sponsor agreements and potential new marketing deals, according to the LA bid committee. There are other benefits: The LA committee would get $180 million from the IOC over the first five years of the deal to cover expenses and support youth sports, a shift since the IOC typically holds back most of its spending until the Games get closer. And the IOC would surrender its right to a 20 percent cut of any surplus after the Games end, which could give LA $100 million or more if the books stay balanced, according to the LA committee.

Next month, the proposed deal will be considered by the Los Angeles City Council and the U.S. Olympic Committee board. If approved, the International Olympic Committee, LA and Paris could enter a three-way agreement, clearing the way for IOC to award the 2024 Games to Paris, with 2028 going to Los Angeles. A final IOC vote is expected in Lima, Peru in September.</s>LOS ANGELES (AP) — Los Angeles reached an agreement Monday with international Olympic leaders that will open the way for the city to host the 2028 Summer Games, while ceding the 2024 Games to rival Paris, officials announced Monday.

The deal would make LA a three-time Olympic city, after hosting the 1932 and 1984 Games.

With the agreement, the city is taking “a major step toward bringing the Games back to our city for the first time in a generation,” Mayor Eric Garcetti said in a statement.

He called it a “historic day for Los Angeles, for the United States” and the Olympic movement.

The agreement follows a vote earlier this month by the International Olympic Committee to seek an unusual deal to award the 2024 and 2028 Games simultaneously. Paris is the only city left to host the 2024 Games.

The Los Angeles City Council and U.S. Olympic Committee board of directors will consider the agreement for approval in August. If approved, the IOC, LA and Paris may enter a three-part agreement, clearing the way for the IOC to simultaneously award the 2024 Games to Paris, and the 2028 Games to LA. The IOC vote is scheduled for September, in Lima, Peru.

In a statement, the Paris bid committee welcomed the announcement in Los Angeles but stopped short of confirming the obvious, that Paris is in line for the 2024 Games.

“Paris 2024 is proud to be working together with the IOC and our friends in Los Angeles to reach a positive solution for both cities, the Games and the whole Olympic Movement for 2024 and 2028,” committee co-chair Tony Estanguet said.

In embracing what amounted to the second-place prize and an 11-year wait, LA will receive a financial sweetener.

Under the terms of the deal, the IOC will advance funds to the Los Angeles organizing committee to recognize the extended planning period and to increase youth sports programs leading up to the Games. The IOC contribution could exceed $2 billion, according to LA officials. That figure takes into account the estimated value of existing sponsor agreements that would be renewed, as well as potential new marketing deals.

The delay to 2028 opens a host of questions for Los Angeles, which is looking at the prospect of retooling its multibillion-dollar plans for more than a decade into the future. It would face challenges from maintaining public interest to recasting deals for stadiums, arenas and housing that have been in the works for months and even years.

LA and Paris were the last two bids remaining after a tumultuous process that exposed the unwillingness of cities to bear the financial burden of hosting an event that has become synonymous with cost overruns.

LA was not even the first American entrant in the contest. Boston withdrew two years ago as public support for its bid collapsed over concerns about use of taxpayer cash. The U.S. bid switched from the east to the West Coast as LA entered the race.

But the same apprehensions that spooked politicians and the local population in Boston soon became evident in Europe where three cities pulled out.

Uncomfortably for IOC President Thomas Bach, whose much-vaunted Agenda 2020 reforms were designed to make hosting more streamlined and less costly after the lavish 2014 Sochi Games, the first withdrawal came from his homeland of Germany.

The lack of political unity for a bid in Hamburg was mirrored in Rome and Budapest as support for bids waned among local authorities and the population. It was clear they did not want to be saddled with skyrocketing bills for hosting the Olympics without reaping many of the economic benefits anticipated.

Just like in the depleted field for the 2022 Winter Games which saw Beijing defeat Almaty, the IOC was left with only two candidates again.

With two powerful cities left vying for 2024, Bach realized France or the U.S. could be deterred from going through another contest for 2028 if they lost. Bach floated the idea in December of making revisions to the bidding process to prevent it producing “too many losers,” building support that led to LA and Paris being able to figure out themselves how to share the 2024 and 2028 Games.

The dual award of the games relieves the IOC of having to test the global interest in hosting the Summer Olympics for several years until the 2032 Games are up for grabs.

The opportunity to host the Games “is a golden occasion further strengthening Los Angeles — not just through bricks and mortar, but through new opportunities for our communities to watch, play and benefit from sport,” Wesson said.</s>Paris will host the 2024 Summer Olympics Games after Los Angeles agreed to formally announce its bid for the 2028 Games. The Los Angeles Olympic and Paralympic bid committee in cooperation with the International Olympic Committee (IOC) announced it on Monday. The LA bid committee said in a statement that Los Angeles will host the Olympic Games and Paralympic Games 2028. “The IOC welcomes this decision of the Los Angeles Olympic and Paralympic Candidature Committee. And we are pleased to release the host city contract 2028 in a transparent and timely manner,” said IOC president Thomas Bach.

“We are very confident that we can reach a tripartite agreement under the leadership of the IOC with LA and Paris in August, creating a win-win-win situation for all three partners. This agreement will be put forward to the IOC Session in Lima in September for ratification.” Los Angeles had been in a race with Paris to host the 2024 Games, with the winner to be named by the IOC on September 13 in Lima.</s>Los Angeles has reached a deal to stage the 2028 Olympic and Paralympic Games.

The LA Bid Committee and the International Olympic Committee announced on Monday night they had come to an agreement over the Host City Contract for 2028.

The deal now needs to be ratified by the Los Angeles City Council on Friday and, once that has happened, the announcement of Paris as the 2024 hosts and LA as the 2028 ones can be rubber-stamped.

Both LA and Paris had been bidding for the 2024 Games and the IOC told the two to work out a plan or face going to a vote.

That vote - which would have been held at the 131st IOC session in Lima in Peru - will now not take place. That session will instead see the final ratification of the two venues.

A statement from the LA Bid Committee said: 'Since his election, President Trump has been personally involved in helping to make LA's bid a truly American bid and the White House Office of American Innovation and the US Senate and House of Representatives have been true partners throughout.

'The USOC and Los Angeles bid team greatly appreciate their strong commitment to bringing the Olympic and Paralympic Games back to the United States.'

LA mayor Eric Garcetti added: 'This is an historic day for Los Angeles, for the United States and for the Olympic and Paralympic Movements around the world. Today, we take a major step toward bringing the Games back to our city for the first time in a generation and begin a new chapter in Los Angeles' timeless Olympic story.

'This agreement with the IOC will allow us to seed a legacy of hope and opportunity that will lift up every community in Los Angeles - not in 11 years' time, but starting now and continuing in the years leading up to the Games. LA 2028 will kick-start our drive to make LA the healthiest city in America, by making youth sports more affordable and accessible than ever before.'

The announcement means the usual seven-year gap between the award and staging of a games will be waived for 2024.

With LA stepping aside and letting Paris take on 2024, it is to be given £1.8billion by the IOC, giving assistance for the additional four years of host-city related costs.

It will also give the Californian city more time to complete its already-scheduled transport infrastructure improvements, although its venues are all ready for use now.

The two cities were the only ones left in the race for 2024 after Budapest, Hamburg and Rome withdrew.

LA hosted the games in 1932 and 1984, with Paris doing so in 1900 and 1924, meaning 2024 will be a 100th centenary celebration.

'The IOC welcomes this decision of the Los Angeles Olympic and Paralympic bid committee,' chairman Thomas Bach said.

'They presented a strong and enthusiastic candidature that embraces the Olympic Agenda 2020 sustainability priorities by incorporating existing facilities and encouraging the engagement of more youth in the Olympic Movement.

'Therefore, we are very happy that as part of this Host City Contract, we are able to expand the impact of city youth sports programming and encourage the healthy lifestyle of Angelenos for the next 11 years.

'We are very confident that we can reach a tripartite agreement under the leadership of the IOC with LA and Paris in August, creating a win-win-win situation for all three partners. This agreement will be put forward to the IOC Session in Lima in September for ratification.'</s>Los Angeles, United States, Jul 31 – Los Angeles formally announced its intent to host the 2028 Summer Olympics on Monday after agreeing a deal with Games officials that paves the way for Paris to host in 2024.

“The Los Angeles Olympic and Paralympic bid committee in cooperation with the International Olympic Committee (IOC), today announced its intention for Los Angeles to host the Olympic Games and Paralympic Games 2028 and its agreement with the Host City Contract 2028,” the LA bid committee said in a statement, confirming earlier comments from city officials.

The deal, trumpeted as a “win-win-win” for Los Angeles, Paris and the IOC, will bring the Summer Olympics to Los Angeles for a third time, after the city staged the Games in 1984 and 1932.

Los Angeles had been in a race with Paris for 2024, with the winner to be named by the IOC on September 13 in Lima.

But the possibility that Los Angeles would abandon a 2024 bid and instead accept the 2028 Games has been growing since the IOC decided in July that in an unprecedented move it would attempt to award both Games at its Lima meeting.

Paris had remained insistent on hosting in 2024, on the 100th anniversary of the city’s 1924 Olympics.

LA bid officials, who had put forward a $5.3 billion bid for 2024, said Monday that an agreement had been reached with the IOC on financial considerations that would make waiting an extra four years feasible.

“Under the terms of the Host City Contract 2028, the IOC will advance funds to a Los Angeles Organizing Committee in view of the longer planning period and to increase participation and access to youth sports programs in the City of Los Angeles in the years leading up to the Games,” their statement said.

“The IOC contribution as stipulated by the HCC is $1.8 billion and has the potential to exceed $2 billion according to the evaluation of the LA bid committee when taking into account the estimated value of existing sponsor agreements to be renewed and potential new marketing deals.”

The agreement must still be approved by the Los Angeles City Council and the United States Olympic Committee — both of which backed the 2024 bid.

“The Los Angeles City Council and United States Olympic Committee Board of Directors will consider the agreement for approval in August,” the bid committee said.

“If approved, the IOC, LA and Paris may enter a tripartite agreement, clearing the way for IOC Membership to simultaneously confirm the Olympic Games 2024 to Paris and the Olympic Games 2028 to Los Angeles at the next IOC session in Lima, Peru on September 13, 2017.”

IOC president Thomas Bach said he was confident any remaining hurdles could be cleared.

“We are very confident that we can reach a tripartite agreement under the leadership of the IOC with LA and Paris in August, creating a win-win-win situation for all three partners,” he said.

“This agreement will be put forward to the IOC Session in Lima in September for ratification.”

Paris Mayor Anne Hidalgo said on Twitter: “Happy that my friend @MayorofLA has made an important new step on an agreement that will have three winners: Paris, Los Angeles and the IOC #Paris2024”

LA bid officials had scheduled a press conference for 5pm (0000 GMT) with Los Angeles mayor Eric Garcetti and bid chief Casey Wasserman about the bid.

LA city council member Gil Cedillo had already tweeted “hashtag goes from #LA2024 to #LA2028”, and City Council president Herb Wesson was enthusiastic.

“The City of Los Angeles is a proud and enthusiastic partner in this ‘win-win-win’ scenario,” he said.

While local backing is seen as crucial to the success of any Games, the bid committee also singled out the support of US President Donald Trump as they try to bring the Games back to the United States.

The USA last hosted the Summer Olympics in Atlanta in 1996 while the Winter Games were held in Salt Lake City in 2002.

“Since his election, President Trump has been personally involved in helping to make LA’s bid a truly American bid and the White House Office of American Innovation and the US Senate and House of Representatives have been true partners throughout,” they said.

“The USOC and Los Angeles bid team greatly appreciate their strong commitment to bringing the Olympic and Paralympic Games back to the United States.”</s>Paris set to host 2024 Olympics, Los Angeles to be awarded 2028 Games by IOC

Paris is virtually assured of hosting the 2024 Summer Olympics after its only rival Los Angeles announced it would instead opt for the 2028 Games.

Both cities were competing for the 2024 Games after several other candidates withdrew from contention, and the stage was set for Paris to win its bid when the International Olympic Committee (IOC) confirmed that Los Angeles had agreed to the later date of 2028.

"The IOC welcomes this decision of the Los Angeles Olympic and Paralympic Candidature Committee, and we are pleased to release the Host City contract 2028 in a transparent and timely manner," IOC president Thomas Bach in a statement.

The agreement follows a vote by the IOC in July to seek an unusual deal to award the 2024 and 2028 Games simultaneously.

The IOC, who will hold its official vote next month in Lima, Peru, said it would make contributions to the Los Angeles organising committee worth about $2.2 billion.

Paris and Los Angeles were the last two bids remaining after a tumultuous process that exposed the unwillingness of cities to bear the financial burden of hosting an event that has become synonymous with cost overruns.

Paris was seen as the frontrunner for the 2024 Games because it was passed over in a series of earlier Olympic bids and because the French capital will have marked 100 years since the last time it hosted the Games.

An official designation of Paris for the 2024 Games has yet to be announced, but the city's bid committee welcomed the announcement in Los Angeles.

"Paris 2024 is proud to be working together with the IOC and our friends in Los Angeles to reach a positive solution for both cities, the Games and the whole Olympic Movement for 2024 and 2028," committee co-chair Tony Estanguet said in a statement.

The deal would make Los Angeles a three-time Olympic city, after hosting the 1932 and 1984 Games.

Los Angeles was not even the first American entrant in the contest. Boston withdrew two years ago as public support for its bid collapsed over concerns about use of taxpayer cash.

The US bid switched from the east to the West Coast, as Los Angeles entered the race.

But the same apprehensions that spooked politicians and the local population in Boston soon became evident in Europe where three cities pulled out.

The dual award of the Games relieves the IOC of having to test the global interest in hosting the Summer Olympics for several years until the 2032 Games are up for grabs.
Los Angeles has reportedly reached an agreement with the International Olympic Committee to host the 2028 Games. This means that Paris will most likely host the 2024 Games. Both Games will be formally awarded at the 131st IOC Session in Lima, Peru, in September.