The deal will bring the Games back to Los Angeles for a third time, after the city hosted in 1932 and 1984.
It's finally official: Los Angeles will host the 2028 Summer Olympics.
Los Angeles bid committee officials did not immediately confirm any agreement, but an announcement from the International Olympic Committee was expected later Monday and LA 2024 scheduled a press conference for 5 pm (0000 GMT) with mayor Eric Garcetti and bid chief Casey Wasserman "to make an announcement about the City´s bid for the Olympic and Paralympic Games".
The U.S. Olympic Committee and Los Angeles City Council must approve the deal next month and the IOC will officially vote on awarding the Games at its scheduled September 13 meeting in Lima, Peru, but those moves are expected to be a formality.
In a statement Monday, the president said he's confident the 2028 Summer Games in Los Angeles will exemplify the Olympic ideal and the American spirit.
The IOC said it would make contributions to the Los Angeles organizing committee worth $1.8 billion. That figure takes into account the estimated value of existing sponsor agreements that would be renewed, as well as potential new marketing deals.More news: Canada to House US Asylum Seekers in Montreal's Olympic Stadium
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The deal "was too good to pass up", the mayor said.
He also suggested the International Olympic Committee would easily ratify the 2024-2028 deal in September.
LA and Paris were the last two bids remaining after a tumultuous process that exposed the unwillingness of cities to bear the financial burden of hosting such an expensive event. "The bid will now be reviewed by the city council on Friday morning". The U.S. bid switched from the east to the West Coast as LA entered the race.
"Bach was able to turn a crisis into an opportunity, stabilising the Summer Games until the end of his presidency and giving him time to focus on reform", said Jean-Loup Chappelet, a professor at the Graduate School of Public Administration at the University of Lausanne. Los Angeles was being considered for the 2024 games, but those are now reportedly set to happen in Paris, with L.A. being bumped back to 2028.
The Southern California city had argued that it could host a low-priced Olympics given that it already has all the necessary infrastructure in place, while Paris would need to build several expensive new facilities.
The opportunity to host the Games "is a golden occasion further strengthening Los Angeles - not just through bricks and mortar, but through new opportunities for our communities to watch, play and benefit from sport", Wesson said.