LOS ANGELES (CN) – The International Olympic Committee on Monday announced a deal for Los Angeles to host the 2028 Summer Games, which includes a $1.8 billion contribution to the city’s organizing committee.
Los Angeles launched a bid for the 2024 Olympic and Paralympic Games but a slot for the games four years later had looked increasingly likely since June, when the International Olympic Committee said LA and Paris had both tabled strong bids.
The IOC released a host city contract for 2028 on Monday and said that it would contribute $1.8 billion in funds to the Los Angeles Organizing Committee.
The organizing committee estimates it will cost $5.3 billion to host the games, but that it expected to the cover the costs through ticket sales, broadcast rights and sponsorship. The Los Angeles City Council will likely review the deal this week, according to news reports.
IOC President Thomas Bach said LA had presented an “excellent” bid that conformed with the committee’s priorities toward sustainability and youth engagement. LA organizers said they would make use of existing venues including Staples Center, Paul Pavilion and the Coliseum.
“Los Angeles presented an excellent candidature that embraces the Olympic Agenda 2020 sustainability priorities by maximizing the use of 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 increase the access of the city’s youth to sport, and encourage the healthy lifestyle of Angelenos for the next 11 years,” Bach said in a statement.
Bach said the IOC hopes to reach the agreement with Paris and Los Angeles in August, which would be finalized at the 131st IOC Session in Lima, Peru, in September.
The decision paves the way for Paris to host the Summer Games in seven years. Los Angeles previously hosted the games in 1932 and most recently in 1984. If the IOC confirms the deal as expected, both cities will join London as the only ones to have hosted the games three times.
The last American city to host the Summer Games was Atlanta in 1996. Salt Lake City hosted the Winter Games in 2002.
Los Angeles Mayor Eric Garcetti’s office said that he would make an announcement along with the bid’s organizers and the U.S. Women’s Soccer Team at 5 p.m. at the StubHub Center in Carson.
Courthouse News has contacted Garcetti’s office for comment.