Domestic sponsorship for the Tokyo 2020 Olympics has so far reached a record $2.8 billion (£2.11 billion) - nearly three times as much as in any previous summer Games - the International Olympic Committee said on Wednesday.
The move made sense because there have been so few candidate cities, so with two viable bids, Olympic leaders warmed to the idea of locking up summer hosts for the next 11 years. Los Angeles inherits the olympics in 2028.
"The report (of Tokyo 2020) confirms the very positive impression that the co-ordination commission has", Coates said, adding that revenue from the 43 domestic sponsorship deals signed by Tokyo organisers so far had exceeded expectations.
Host cities are typically named seven years in advance, and L.A. was able to garner numerous financial concessions out of the International Olympic Committee by agreeing to wait the extra four years. Bach is in Lima for the Wednesday IOC session to vote on the host cities for the next Olympics.
Both cities believe that due to infrastructure and venues that are already in place, they can avoid the rising costs of hosting the Olympics.
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Paris and Los Angeles were the only competitors left for 2024 after rival cities pulled their bids because of worries over cost.
It also gives the International Olympic Committee the chance to award Games to bids that Patrick Baumann, chair of the evaluation commission, called "outstanding".
But when the MA capital withdrew over cost concerns, L.A. quickly stepped into what eventually became a two-city race with Paris for the 2024 Games. 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.
In September of that year, Los Angeles stepped back in as the USOC's pick to replace Boston.
"This is a momentous day for the people of Los Angeles and the United States", said LA mayor Eric Garcetti. At the time, they committed to working out a deal that culminated with each city getting an Olympics on Wednesday. "For the first time in a generation, we are bringing the Games back to the City of Angels".
He said he can't wait for his city to welcome the worldwide event back.More news: The new iPhone will have wireless charging
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