International Olympic Committee announces Paris 2024 and LA 2028 Summer Olympics

Jenna Warner
September 14, 2017

The final decision on Wednesday marks the first time the International Olympic Committee has granted two Summer Olympics at once. Tokyo's budget for 2020 continues to balloon.

The IOC also agreed to waive $50 million in fees and contribute up to $2 billion of its broadcast and sponsorship revenues to the Games, more than the $1.7 billion pledged to Paris for 2024.

Los Angeles, meanwhile, adds to its storied Olympic history.

Paris and Los Angeles emerged from the initial bidding race for the 2024 Games after a number of cities which withdrew citing waning public support and concerns over budget.

Paris will site events across iconic venues, and will build an Olympic Village along the Seine River at Saint-Denis. The commission visited both cities in May, finding both to be low-risk and high-reward propositions for the cities and the IOC.

Officials from Paris and Los Angeles had stressed that their cities already have more than 90% of the facilities they need to host, reducing the additional cost.

"This historic double allocation is a'win-win-win' situation for the city of Paris, the city of Los Angeles and the IOC", said IOC President Thomas Bach following the vote to approve the decision.

Wednesday's confirmation came against the backdrop of a possible global corruption scheme surrounding Brazil's 2016 Olympic bid.

Los Angeles then dropped its bid for the 2024 Olympics, for which it had been campaigning for over two years, in return for receiving the 2028 edition. The unprecedented deal for L.A.to host the 2028 Olympics and Paris to host the 2024 Games was struck back in July. The city plans to use the Coliseum in 2028, meaning it will have been part of three Olympics. "Well, what you see onstage here today reflects who we are, and the unique brand of California-cool that we will bring to the 2028 Games".

This time, no unpleasant surprises for Los Angeles and Paris.

"I can look people in the eye and say this is a much stronger deal financially", said Los Angeles Mayor Eric Garcetti.

The 83 members of the International Olympic Committee in Lima gathered in a presentation room set up especially for the host city decision.

"Now, I know what you're thinking. these LA guys seem pretty laid back", Wasserman said. Following an attack in Munich in 1972 in which a Palestinian terrorist group killed 11 Israeli team members and Montreal going deeply into debt to host in 1976, no other cities bid to host those Games.

Other reports by Insurance News

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