The IOC announced in a press release that Los Angeles has been approved for a Host City Contract to host the Olympics in 2028, and will receive $1.8 billion in assistance for those Games.
Los Angeles and Paris were originally competing for the 2024 slot, but Paris essentially made an ultimatum of 2024 or bust, causing Los Angeles to be left with the 2028 Games. In a likely concession to Los Angeles' flexibility, the IOC stipulated "that it will make contributions to the Organising Committee representing an overall estimated value of USD 1.8 billion."
The IOC noted a key difference in the two Host City contracts for 2024 and 2028, in that the 2028 contract "will advance funds to a Los Angeles Organising Committee in view of the longer planning period and to increase participation and access to youth sports programmes in the City of Los Angeles in the years leading up to the Games."
The IOC went on to state in its release that it "will continue to work in close collaboration with Los Angeles in the lead-up to the possible ratification of the tripartite agreement by the full IOC membership at the 131st IOC Session in Lima, Peru, in September 2017."
By Staff of TheDailySportsHerald.com and news services
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