It's Official! Paris to host 2024, Los Angeles 2028 Olympics

Former U.N. Secretary General Ban Ki-moon, who now leads the International Olympic Committee's Ethics Commission poses for

The Olympic Arena here was lit up to celebrate Los Angeles being selected to host the 2028 Olympics.

The French capital has set a relatively modest budget of 6.6 billion euros ($7.9 billion), but London in 2012, Athens in 2004 and Sydney in 2000 all saw their budgets for hosting the Summer Olympics at least double from the time of their bids to the final bill.

Thomas Bach said the International Olympic Committee will continue to appeal for diplomatic solutions to the problems, and that it is monitoring deliberations in the U.N. Security Council, which on Friday condemned the North Korean test.

As part of the Paris presentation Wednesday, French President Emmanuel Macron spoke to the International Olympic Committee members via video link.

The LA Games have a budget of $5.3 billion and will essentially follow the plan they had in place for 2024, including housing athletes at the UCLA campus.

The ratification of the agreement came after it was approved at an Extraordinary IOC Session in Lausanne in July, paving the way for the IOC to award two editions of the Games at the same time.

Paris and Los Angeles were the only competitors left for 2024 after rival cities pulled their bids because of worries over cost.

IOC President Thomas Bach embraced both cities' mayors on stage after a unanimous show of hands by IOC members ratified the awards.

"It is hard to understand from the National Hockey League side", Bach said on Friday at the IOC Session in Peru, adding that an agreement would have been "very favourable" for the National Hockey League.

"I'm quite confident that we will have a very safe, very peaceful and harmonious Winter Olympic Games in Pyeongchang next year".

Los Angeles also submitted their bid for the 2024 Games after Hamburg, Rome, and Budapest chose to withdraw, information from the official website said.

After the announcement, representatives from the two host cities, the IOC and President Bach signed official contracts for the Olympic Games, respectively.

"As a three-time Olympics host, we intend to make sure that all of the participants feel that they are welcome and have a great experience with us", he added.

"The city of Paris will be a magnificent Olympic Park and transforming some of the world's most attractive and historic sites into temporary stunning stages for sport will provide unforgettable images around the globe".

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