Paris and Los Angeles confirmed as Olympic host cities

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Paris and Los Angeles have been announced as respective hosts of the 2024 and 2028 Olympic Games. Los Angeles also says its $5.3 billion cost will be covered by sponsorships, ticket sales and other revenue sources. Los Angeles hosted the games in 1932 and 1984. The Los Angeles Times estimated the move would save Los Angeles "tens of millions" of dollars.

To celebrate the historic decision, a statue of the Olympic Rings was erected at the Trocadero Square, just in front of the iconic Eiffel Tower.

Olympic organisers have made a historic move by declaring everyone a victor - awarding host city status to both of the final bidders.

Baseball and softball were the first sports to be taken off the Olympic programme in 69 years when the IOC voted to exclude them in 2005 from the London 2012 Games.

Paris bid organiser Tony Estaguent choked up during the presentation before the vote.

The IOC selected both cities at the same time at the session in Lima, Peru today. It's been an arduous process for both cities to this point, but with the games finally awarded, they can turn to preparing for their hosting bouts.

"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, per the LA Times.

Some have even wondered whether Los Angeles could have extracted a more generous package from the IOC. "I want to congratulate the United States Olympic Committee and the entire bid team for developing a plan that will ensure LA 2028 demonstrates the best in American creativity, innovation and hospitality".

"France will be proud to uphold the Olympic values of solidarity, excellence, friendship and respect", Macron said. It seeks to streamline the Games, most notably by eliminating billion-dollar stadiums and infrastructure projects that have been underused, if used at all, once the Olympics leave town. "At the heart of these Games, we will place young people, who represent our present, our hope and our pride".

"Despite the fact that the International Olympic Committee has awarded L.A". "Hopefully, it's an interesting paradigm for the world going forward".