LOS ANGELES • Los Angeles announced its intention to host the 2028 Olympics on Monday, paving the way for Paris to host the 2024 Games in a deal hailed as a win-win-win for both cities and the Olympic movement.
"I am proud to announce the Olympic Games are coming back to the United States of America," Los Angeles mayor Eric Garcetti said at a ceremony at the StubHub Center stadium.
"In 2028, we are bringing the Games back to LA, one of the great capitals of the Olympic movement. A city that has always been a Games changer and will be again in 2028."
Los Angeles had been in a race with Paris to follow Tokyo 2020 as the 2024 host - with the winner to be named by the International Olympic Committee (IOC) on Sept 13 in Lima.
But the possibility that it would abandon the 2024 bid and instead accept the 2028 Games had been growing since the IOC decided last month that it would attempt to award both Games at its meeting in Peru.
Paris had remained insistent on hosting in 2024, on the 100th anniversary of the city's 1924 Olympics. It also hosted in 1900.
LA officials, who had put forward a US$5.3 billion (S$7.19 billion) bid for 2024, said an agreement had been reached with the IOC on financial considerations that would make waiting an extra four years feasible.
Bid chief Casey Wasserman said the IOC had waived various fees and payments that could ultimately save LA organisers millions.
The IOC will also advance US$180 million to LA organisers to lessen the impact of the longer lead-up time, money that normally would not be disbursed until closer to the Games kick-off.
"The IOC contribution as stipulated by the (host city contract) is US$1.8 billion and has the potential to exceed US$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 bid committee said in a statement.
Garcetti added: "This deal was too good to pass up."
The deal will bring the Games back to Los Angeles for a third time, after it hosted in 1932 and 1984. 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.
City Council president Herb Wesson said the council committee would thoroughly vet the new proposals before making its recommendation to the full council for a vote hopefully within two weeks.
Local backing is crucial to the success of any Games, but federal government support is also key since the national government will play a key role in security.