(Monica Akhtar/The Washington Post)

Los Angeles has decided its Olympic aspirations can wait four years, which means Paris is poised to host the 2024 Summer Olympics.

The two cities had both been awarded hosting rights by the International Olympic Committee and have been negotiating for the past three weeks on which city would go first and which would wait until 2028. On Monday afternoon, a deal between the three parties was announced, with Los Angeles agreeing to stage the 2028 Summer Games.

According to the Los Angeles officials, the IOC will advance at least $1.8 billion to the city with the goal of increasing participation and access to youth sports programs.

Los Angeles Mayor Eric Garcetti said negotiations with the IOC were not difficult and that the deal was “too good to pass up.”

Paris got its wish to go first in the Olympic sweepstakes; Los Angeles will wait till 2028. (Stephane Mahe/Reuters)

“The Games in 2028 will give us the seed of a new Olympic legacy here in Los Angeles and around the world,” he said at a news conference in Los Angeles, “because we can build that legacy right now instead of waiting until the Olympics are over.”

Officials say the IOC will waive more than $50 million in fees and organizing costs and also agreed to contribute any of the IOC’s profits of the 2028 Games back to the city of Los Angeles. In addition, the IOC will advance the organizing committee $180 million over next five years to begin 2028 preparations.

“If somebody literally said today, ‘Take this deal for 2024 or this deal for 2028, you could have either one,’ I would take this 2028 deal,” Garcetti said, “because I want the city to feel this immediately. I don’t want seven or eight years of kids to be lost and never get to play sports.”

Organizers thanked government leaders who lent their support to the bid, including President Trump, who hosted IOC President Thomas Bach at the White House in June. In a statement Monday evening, Trump expressed his support for Los Angeles’ decision to wait until 2028.

“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,” he said. “The United States has a remarkable history of passionate and loyal support for the Olympic Movement. No country has won more Olympic medals or trained more Olympic and Paralympic athletes. America always shines brightly during the Games, and LA 2028 will be no exception.”

The 2024 bidding process had been among the most calamitous with several cities pulling out of the race early, including Rome, Hamburg, Budapest and Boston. Eventually, only Los Angeles and Paris were left standing, and on July 11 the IOC voted unanimously to move forward with a dual award for the 2024 and ’28 Summer Games, insuring that both cities would have hosting honors.

Even before negotiations began, it was widely presumed in Olympic circles that Los Angeles would end up with the 2028 Games. The Paris committee had remained steadfast in its desire to host in ’24, while Los Angeles officials repeatedly highlighted their flexibility.

“This opportunity is unprecedented,” said Casey Wasserman, the LA 2024 bid chairman. “Never before has an organizing committee had 11 years to prepare — four more years to implement the extraordinary plan we have for 2024. From every vantage point: sports, infrastructure, social programs. this is a big win for Los Angeles.”

Officials expect the 2028 Games to carry a budget of $5.3 billion, and their plan incorporates existing buildings and stadiums or facilities that will be built regardless of the Olympics.