IOC awards Summer Games to Paris (2024), L.A. (2028)

(Photo by Buda Mendes/Getty Images)

(TSX / STATS) -- The city of Los Angeles was formally awarded the 2028 Summer Olympics on Wednesday.

The International Olympic Committee voted unanimously at a session in Lima, Peru, to approve Paris for the 2024 Summer Games, followed by Los Angeles four years later.

The history-making decision marks the first time the IOC has granted two Summer Olympics at once. Both cities will host their third Olympics.

In July, the IOC worked out an agreement with the two cities. Paris officials were adamant about not waiting an extra four years, while Los Angeles officials were more amenable to hosting in 2028.

It will mark the third time -- and first since 1984 -- that Los Angeles will host the Summer Games. L.A. also hosted in 1932. It also will be the first time the Summer Games are held on American soil since the 1996 Olympics in Atlanta.

"Everyone connected with LA 2028 is thrilled to be part of this win-win-win scenario for the Olympic movement," bid leader Casey Wasserman said in a statement. "Together, L.A., Paris and the IOC will demonstrate the Games' enduring value to host communities."

Paris previously hosted in 1900 and 1924. The only other city to have hosted three Summer Olympics is London (1908, 1948, 2012).

Los Angeles Mayor Eric Garcetti signed the "host city contract" immediately after the IOC vote, promising the city government will serve as a financial backstop to pay off any debts should the estimated $5.3-billion sporting event run over budget, according to the Los Angeles Times.

"Today, LA 2028 is taking the final step in our bid, and preparing to begin our 11-year journey as an Olympic host city," Garcetti said. "I am thrilled to begin the next chapter of this process."

Updated September 13, 2017