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C'est Paris! France to Host 2024 Olympics; LA Takes 2028 in Deal
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Los Angeles will formally withdraw its bid for the 2024 Olympic Games in exchange for 2028, leaving the only remaining candidate city, Paris, to host the Olympics a century after it last did in 1924.

Los Angeles will formally withdraw its bid for the 2024 Olympic Games in exchange for 2028, leaving the only remaining candidate city, Paris, to host the Olympics a century after it last did in 1924.

Rome had dropped its bid for 2024 in October, but both Paris and Los Angeles had been heavily lobbying to host. Over the past several months, the International Olympic Committee has been in negotiation for a double allocation for 2024 and 2028, giving the later Olympics to the runner-up for 2024. After negotiations between the two cities, Los Angeles agreed to withdraw from the 2024 race in exchange for an unprecedented agreement of financial concessions from the IOC.

The financial concessions, which are reportedly in the range of $1.8 billion (€1.5 billion), give Los Angeles a share of sponsorship, upfront funding of $180 million (€150 million) for youth sports programs in the city, and the opportunity to pocket any potential budget surplus. The profit to the city has the potential to pass $2 billion (€1.7 billion), according to the Los Angeles 2024 Bid Committee.

"This deal was too good to pass up," Los Angeles Mayor Eric Garcetti said Monday.

The agreement has been dubbed a "win-win-win" for France and the United States—which have both recently lost bitterly contested bids to host the Games—and the IOC, which has found the bid process every four years to be an increasing headache. In addition to the financial incentive, the extra four years gives Los Angeles additional time to plan for the Games and make needed improvements, particularly in upgrading and expanding the city's subway system.

The Paris committee, meanwhile, was thrilled with the chance to host on the centenary of the last time the French hosted the Summer Games. The Olympics will return to both cities for a third time, as Paris also played host to the second Olympics in 1900, and Los Angeles held the games in 1948 and 1984.

"Paris and Los Angeles are two amazing global cities that are united in their support of the Olympic cause and we stand together now to help the Games thrive in 2024 and 2028," Paris Mayor Anne Hidalgo said.

The IOC had originally planned to vote for the 2024 host city at the IOC Session on September 13 in in Lima, Peru, where it is now expected they will formalize this week's agreement for 2024 and 2028.

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