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> 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> IOC President Thomas Bach next to Mayor of Los Angeles Eric Garcetti ratifies Paris 2024 and Los Angeles 2028 host cities for Olympics games during the 131st IOC session in Lima. ― Reuters picLIMA, Sept 14 ― Paris was awarded the 2024 summer Olympics and Los Angeles the 2028 Games yesterday, as the International Olympic Committee (IOC) broke with decades of tradition to vote on a unique double allocation.

Paris, which has hosted two previous Olympics, will stage the event 100 years after its last Games in 1924 while Los Angeles will also organise its third Games after 1932 and 1984.

IOC President Thomas Bach embraced both cities' mayors on stage after a unanimous show of hands by IOC members ratified the awards.

The announcement was celebrated in Paris with the unveiling of a giant set of interlaced rings, the symbol of the Games, in a heavy downpour on the Trocadero square with lights glittering on the Eiffel Tower in the background.

“In the coming seven years we will prepare the Olympic Games with all our energy,” French President Emmanuel Macron, who had personally campaigned for the bid, said.

“Together we must do everything in our power to ensure that Paris hosts a magnificent games in 2024.”

The IOC decided in July to award both Games at the same time, following the withdrawal of four of the six cities bidding for the 2024 Olympics, amid concerns about the size, cost and complexity of organising the world's biggest multi-sports event.

Los Angeles then dropped its bid for the 2024 Olympics, for which it had been campaigning for over two years, in return for receiving the 2028 edition. This paved the way for Paris as the sole 2024 bidder to win the Games unopposed.

“This is a momentous day for the people of Los Angeles and the United States,” said LA mayor Eric Garcetti. “For the first time in a generation, we are bringing the Games back to the City of Angels.”

Paris, with a Games budget of €6.8 billion (RM28.52 billion), had failed with previous attempts to land the 1992, 2008 and 2012 Olympics.

The LA Games have a budget of US$5.3 billion and will essentially follow the plan they had in place for 2024, including housing athletes at the UCLA campus.

Both Paris's bid co-chair Tony Estanguet and LA bid chairman Casey Wasserman are to stay on and lead the host cities' preparations, mayors Anne Hidalgo and Garcetti confirmed in a news conference after the announcement.

It is the first time the IOC has awarded a Games 11 years in advance, as it traditionally gives the next Olympic host city seven years to prepare.

The Olympic body, however, was eager to secure the future of its prime product after Boston, Budapest, Rome and Hamburg all pulled the plug on their 2024 bids mid-race.

Bach said the unanimous IOC decision would secure the future of the Games and ensure successful Olympics.

“It is hard to imagine something better. Ensuring the stability of the Olympic Games for the athletes of the world for the next 11 years is something extraordinary,” he said.

Both the 2014 winter Games in Russia's Sochi and the 2016 Rio de Janeiro Olympics were mired in controversy over corruption, embezzlement and doping allegations, dealing a major blow to the reputations of the event and the IOC.

Tokyo, the host of the next summer Games in 2020, has also had to fend off allegations of corruption regarding the decision to award it the Games four years ago. ― Reuters </s> IOC Expects To Award Paris And Los Angeles 2024 And 2028 Olympics

Enlarge this image toggle caption Fabrice Coffrini/AFP/Getty Images Fabrice Coffrini/AFP/Getty Images

The International Olympic Committee decided Tuesday that Paris and Los Angeles can work out a deal to be awarded the 2024 and 2028 Summer Games.

The committee's members voted unanimously that it can award both Olympics at its next meeting in September and that a three-way deal can be brokered among the two cities and the IOC.

LA Mayor Eric Garcetti and Paris Mayor Anne Hidalgo joined IOC President Thomas Bach on stage in Lausanne, Switzerland. Bach raised their hands in the air in a pose of shared victory.

"With Los Angeles and Paris, there are two fantastic cities from countries with a profound Olympic history," Bach said, according to the Associated Press.

Paris and Los Angeles are the only remaining contestants in the 2024 contest, after Boston; Budapest, Hungary; Hamburg, Germany; and Rome all dropped out. If the parties can't reach a deal, the IOC will name a host city for only 2024 at its next meeting.

The cities and the IOC will undertake final negotiations in the coming weeks. Either or both of the cities would need to be willing to host the 2028 Games if not awarded the 2024 Games, Reuters reports.

The IOC's decision locks in two major world cities years in advance and means the city that loses 2024 can avoid going through an arduous campaign to bid for 2028. Paris lost recent bids to host the 2008 and 2012 games.

Paris has been pushing hard for the 2024 Games, which would mark 100 years since it last hosted the Olympics. The Los Angeles Times reports that LA is expected to agree to host the 2028 Olympics; it could ask for concessions, such as a larger share of IOC revenue, in return for waiting. Los Angeles has proposed using the city's existing venues, boasting that it would not need to build any new permanent facilities to host the games.

"We take nothing for granted," Garcetti told reporters at a news conference afterward, the Times reports. "Our job now is to work with the IOC, to forge a path forward for our city and for the future of this [Olympic] movement."

Garcetti said the Olympics "can't afford to lose the United States," the AP reports. The Washington Post has reported that NBC single-handedly pays for much of the games: The network accounted for 62 percent of the IOC's broadcast revenue at the Sochi Games in Russia in 2014. New York and Chicago lost their bids for the 2012 and 2016 Olympics.

Los Angeles last hosted the 1984 Olympics. </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> >Lima: Paris and Los Angeles celebrated their coronation as host cities for the 2024 and 2028 Olympics on Wednesday, delivering a jolt of good news for the International Olympic Committee as it battles escalating corruption allegations.

In a drama-free conclusion to a three-year bidding race, IOC members voted unanimously to rubber-stamp a deal hashed out in July for Paris to be given 2024 and Los Angeles 2028.

The pre-ordained outcome did little to dampen celebrations inside the Lima Convention Centre, where Paris and Los Angeles officials cheered and congratulated each other.

IOC President Thomas Bach " a driving force behind the decision to confirm 2024 and 2028 at the same time " hailed the joint award as a "win-win-win."

"It's a magical, unique victory," said jubilant Paris 2024 bid co-leader Tony Estanguet as French President Emmanuel Macron saluted a "victory for France."

"This was the right answer, it was about fraternity, it was about friendship, it was about finding a win-win," Los Angeles Mayor Eric Garcetti told AFP.

IOC chief Bach meanwhile said the Olympic movement had secured the result "we were looking for."

"I couldn't be more happy than I am right now," Bach said. "We have the two best possible games for the Olympics in 2024 and 2028, in two great Olympic countries."

The vote marked the final act of a campaign that had been stripped of the usual intrigue ever since Paris and Los Angeles agreed to carve up 2024 and 2028 following encouragement from the IOC.

The 2024 Games will mark the third time Paris has staged the Olympics, coming exactly 100 years after they last hosted the Games. Since then, France had made three unsuccessful bids for the Olympics.

"It's a great feeling of happiness to be bringing the Games back to Paris after 100 years," Paris mayor Anne Hidalgo said.

In Paris, giant Olympic rings were unveiled in front of the Eiffel Tower just after the announcement was made as a small crowd celebrated in driving rain.

The 2028 Olympics will be the first held in the United States since the chaotic 1996 Games in Atlanta.

It will also mark the third time that Los Angeles has hosted the Olympics following successful editions in 1932 and 1984.

Paris and Los Angeles emerged from the initial bidding race for the 2024 Games after a number of cities withdrew citing waning public support and concerns over budget.

Hamburg, Rome, Budapest and Boston all fell by the wayside during the competition, reflecting the political difficulties in persuading voters that staging the Olympics is worth the multi-billion-dollar price tag.

IOC chief Bach first signalled publicly that the double-award of an Olympics could be on the agenda in December last year, lamenting that the bidding process produced "too many losers".

As the tussle for 2024 unfolded, and as the field thinned to leave just Los Angeles and Paris, the IOC's determination to secure two high-quality bids for the next two summer games became apparent.

In July, the IOC announced it would award the staging rights for the 2024 and 2028 Olympics at the same meeting in Lima, laying the way for a swift agreement between the two over the running order.

"We cracked the code when the IOC changed the formula," Los Angeles Mayor Garcetti told AFP.

"We've talked to a lot of folks who said it used to be about one corner of the room celebrating and the rest crying...I think we showed that dreams can come true."

The smooth finish to the race also eliminates the risk of the vote being tainted by the sort of scandal that has embroiled the ballot for the 2016 Olympics.

The IOC was left tackling a fresh wave of graft allegations last week when investigators in Brazil swooped on the country's Olympics chief Carlos Nuzman.

Nuzman stands accused of plotting to bribe IOC members into awarding Rio de Janeiro the 2016 Games at a 2009 vote in Copenhagen.

The allegations swirling around Rio's bid revived memories of the Salt Lake City bribery scandal, which led to 20 IOC members being either kicked out of the Olympics' ruling body or pleading guilty to accepting bribes for votes.

French investigators meanwhile have already announced they are investigating the 2013 vote in Buenos Aires which awarded the 2020 Olympics to Tokyo, following reports of secret payments into a Singapore-based bank account linked to the son of disgraced former world athletics chief Lamine Diack.

IOC official Dick Pound, who has been critical of Bach's handling of recent corruption and doping scandals, believes the movement can however have reason to celebrate after Wednesday's joint award.

"You've got Paris and Los Angeles locked in for the next two games, on top of Tokyo," Pound said.

"So that's three first-class host cities in a row. That's an excellent outcome." View More </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> LAUSANNE, Switzerland (AP) — The IOC has decided it can pick both Los Angeles and Paris as Olympic host cities in September when the 2024 and 2028 Summer Games rights should be awarded at the same time.

International Olympic Committee members voted unanimously Tuesday to seek a consensus three-way deal between the two bid cities and the IOC executive board. Talks will open with Paris widely seen as favorite for 2024.

If a deal falls through, only the 2024 hosting rights will be voted on when the IOC next meets Sept. 13 in Lima, Peru.

Agreement seemed assured by the reaction of the two mayors. Eric Garcetti of LA and Anne Hidalgo of Paris emerged on stage holding hands to acclaim the decision.

The mayors were joined by IOC President Thomas Bach who raised an arm of each in a shared gesture of triumph.

A deal to make both cities winners would fulfil a strategy Bach set in motion last December to help safeguard a stable future for the signature Olympic event.

“With Los Angeles and Paris, there are two fantastic cities from countries with a profound Olympic history,” Bach said earlier.

The IOC approved the expected double award after hearing both cities present their 2024 hosting plan at a conference center in the Olympic capital city Lausanne.

Both cities used 45 minutes of videos and speeches, including French President Emmanuel Macron promoting the Paris cause, in a closed-door session with International Olympic Committee members to explain how they would host the 2024 Olympics.

Earlier Tuesday, the mayors of Los Angeles and Paris said they could work toward a deal.

“We look forward to working together maybe not in competition but collaboration with Paris,” LA Mayor Eric Garcetti said at a news conference after his city’s bid officials opened the campaign event.

Garcetti and Paris Mayor Anne Hidalgo have long touted their good relations on other issues such as climate change.

“We are all at the disposition and by the side of the IOC which was right to ask itself this question,” Hidalgo said at the Paris news conference, citing her friendship with Garcetti as potentially a “key element” to reaching an agreement.

The dual award can give the IOC a decade of stability with two world-class cities touting financially secure bids. LA plans to use only existing venues with zero risk of white elephant venues. This follows years of overspending by Olympic hosts and political defeats to sink potential candidates.

The win-win option also guards against a 2024 loser refusing to bid again for 2028.

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

“We lost three times, we don’t want to lose a fourth one,” Macron said at the news conference. “I’m here to convey the message that there’s a strong unity to back this candidacy.”

Minutes after Macron spoke, U.S. President Donald Trump wrote on Twitter: “Working hard to get the Olympics for the United States (L.A.). Stay tuned!”

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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> 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.
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.