Los Angeles To Host The 2028 Olympics

LOS ANGELES, CA — With a deal to host the 2028 Olympics, Los Angeles officially ceded it's quest to host the 2024 Games to Paris.

Los Angeles reached the tentative deal with the International Olympic Committee. In its willingness to host the 2028 Olympics instead of 2024, the city gained some leverage in its negotiations with the International Olympic Committee.

"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," Mayor Eric Garcetti said.

Although the city's bid committee -- LA 2024 -- has reached the agreement with the IOC for the 2028 Games, the Los Angeles City Council and U.S. Olympic Committee Board of Directors also must approve it. If that approval is given, the IOC, Los Angeles and Paris will work on a formal three- way agreement in advance of the IOC's meeting in Lima, Peru, on Sept. 13, when the Games will officially be awarded.

Watch: Los Angeles Has Struck A Deal To Host The 2028 Summer Olympics

Under the terms of the 2028 host city contract, the IOC would advance funds to a Los Angeles Organizing Committee due to the longer planning period and to fund youth sports in the years leading up to the Games. The IOC contribution would be $1.8 billion and has the potential to exceed $2 billion, according to LA 2024.

"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," Garcetti said. "LA 2028 will kick-start our drive to make L.A. the healthiest city in America, by making youth sports more affordable and accessible than ever before."

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

"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 L.A. and Paris in August, creating a win-win-win situation for all three partners," he said.

Watch: Los Angeles To Host 2028 Olympics

Garcetti, Los Angeles City Council President Herb Wesson and LA 2024 bid chairman Casey Wasserman held a news conference at the StubHub Center in Carson to discuss the Olympic bid. They were joined by members of the U.S. Women's National Soccer Team.

Garcetti pitched the deal as a win for Los Angeles and said he would take it over hosting in 2024, in part because of the immediate money for youth sports.

"If somebody literally said you can take this deal for 2024 or this deal for 2028, you can have either one, I would take this 2028 deal, because I want the city to feel it immediately. I don't want seven or eight years of kids to be lost and never get to play sports," Garcetti said.

After a full court press for the 2024 Olympics, outlasting contenders such as Hamburg, Rome and Budapest, Los Angeles was left with only Paris to compete with. This summer, the International Olympic Committee announced that it would choose host cities for two separate games at the same time. Paris officials remained adamant that their bid was only for 2024 and that 2028 would not be feasible. Los Angeles, officials expressed a willingness to negotiate, especially if the International Olympic Committee would throw in funding for youth sports programs in the city and other operational costs

While putting off an official announcement until a 5 p.m. press conference, Los Angeles city officials were coy about the news Monday morning. City Councilman Gil Cedillo posted on his Twitter page, "Hastag goes from #LA2024 to #LA2028."

A core part of the balanced budget plan is to only use existing venues like the Coliseum and Staples Center and not build any new permanent buildings just for the Games, and to capitalize on the billions of transportation improvements the city already has planned.

In their announcement of the agreement, local bid organizers thanked President Donald Trump for his support of the bid, and Trump hailed the news that Los Angeles will be hosting an Olympics.

"I want to congratulate the United States Olympic Committee and the entire bid team for developing a plan that will ensure LA 2028 demonstrates the best in American creativity, innovation and hospitality," Trump said in a statement released by the White House. "... I am confident that the summer Games in Los Angeles will exemplify both the Olympic ideal and the American spirit, and we look forward to hosting them."

`THIS IS A DEVELOPING STORY. PLEASE RFRESH THE SCREEN FOR UPDATES.

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City News Service contributed to this report. Photo courtesy of Mayor Eric Garcetti‏Verified account