The presence of French President Emmanuel Macron, who also spoke on Wednesday in a video message, at the IOC's extraordinary session in July in Lausanne was seen as crucial in sealing the deal for the French capital for 2024. "This historic double allocation is a 'win-win-win" situation for the city of Paris, the city of Los Angeles and the International Olympic Committee, ' said IOC president Thomas Bach.
Under the terms of the Host City Contract 2028, the IOC will advance funds to the Organising Committee in view of the longer planning period and increase participation and access to youth sports programmes in the city in the years leading up to the Games.More news: Tigers' September pitching misery returns in 10-4 loss to White Sox
"This historic double allocation is a "win-win-win" situation for the city of Paris, the city of Los Angeles and the IOC".
"The OCOG has the right to make a proposal concerning additional events and other sports, and on this point after the proposal of Paris, the Session will take a decision eventually in 2019", Carraro said, adding that a final approval will be made in December 2020 so the International Olympic Committee may take into consideration the first implementation of additional events at Tokyo 2020.
Two other U.S. Olympic host cities, Squaw Valley, Calif. and St. Louis, Mo., also participated in the salute. CNN reported that hosting the modern Olympic Games require "massive debt and cost overruns". Researchers at Oxford's Saïd Business School estimate the cost overrun for the 2016 Summer Olympics, in Rio de Janeiro, was $1.6 billion.More news: Arsene Wenger 'expects' Arsenal to get a positive result at Chelsea
However, Paris officials have emphasized that they already have more than 90 percent of the facilities completed to host the events.
The Los Angeles 2028 Games, with a budget of $5.3 billion, will essentially follow the plan they had in place for 2024, including housing athletes at the UCLA campus.
Wednesday's confirmation came against the backdrop of a possible global corruption scheme surrounding Brazil's 2016 Olympic bid.More news: Citigroup Inc. Analysts Give ASML Holding (AMSL) a €135.00 Price Target
"Hosting the Olympic and Paralympic Games in 2028 means we have 11 years of excitement and work ahead of us to promote youth sports programmes in the city of Los Angeles", said Los Angeles 2028 vice-chair Janet Evans.
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