LOS ANGELES (CelebrityAccess) — Los Angeles officials announced that they've struck a deal with the International Olympic Committee that will see them as the host city for the 2028 Summer Olympics.
The deal will give Los Angeles an unprecedented 11 years to prepare to host the games, which will be the first return to the United States for the Olympics since 2002.
As part of the deal, Los Angeles will forego plans to bid on the 2024 Games, leaving Paris as the likely host city for the sports contest.
The I.O.C. is expected to formally announce the hosts for the Games at a meeting in Lima, Peru, on Sept. 13.
According to the New York Times, the deal will see the I.O.C. give at least $1.8 billion to the Los Angeles organizing committee and would make advance payments of $180 million to compensate the local committee for the extra four years of work. As well, the IOC will provide $160 million for youth sports programs, a payout that typically comes after the Games, the Times said.
Los Angeles' bid was helped in part by infrastructure left over from the 1984 Olympics, as well as other venues belonging to major sports teams and universities in the market, with the idea that the available venues would help to keep build costs low. Despite that, Los Angeles is projecting that the cost for the buildout for the Games to be $5.3 billion, though city officials expected the funding to come from private sources and ticket sales, the Times reported.