"The Los Angeles Olympic and Paralympic bid committee in cooperation with the International Olympic Committee (IOC), today announced its intention for Los Angeles to host the Olympic Games and Paralympic Games 2028 and its agreement with the Host City Contract 2028," the LA bid committee said in a statement, confirming earlier comments from city officials.
But the possibility that Los Angeles would abandon a 2024 bid and instead accept the 2028 Games has been growing since the IOC decided in July that it would attempt to award both Games at its Lima meeting.
LA bid officials said Monday that an agreement had been reached with the IOC on financial considerations that would make waiting an extra four years feasible.
"Under the terms of the Host City Contract 2028, the IOC will advance funds to a Los Angeles Organizing Committee in view of the longer planning period and to increase participation and access to youth sports programs in the City of Los Angeles in the years leading up to the Games," their statement said.
"The IOC contribution as stipulated by the HCC is USD 1.8 billion and has the potential to exceed USD 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 agreement must still be approved by the Los Angeles City Council and the United States Olympic Committee.
"The Los Angeles City Council and United States Olympic Committee Board of Directors will consider the agreement for approval in August," the bid committee said.
"If approved, the IOC, LA and Paris may enter a tripartite agreement, clearing the way for IOC Membership to simultaneously confirm the Olympic Games 2024 to Paris and the Olympic Games 2028 to Los Angeles at the next IOC session in Lima, Peru on September 13, 2017.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)