Los Angeles formally announced its bid for the 2028 Summer Olympics after agreeing on a deal that paves the way for Paris to host in 2024.

"The Los Angeles Olympic and Paralympic bid committee in cooperation with the International Olympic Committee (IOC), today announced its intention for Los Angeles to host the Olympic Games and Paralympic Games 2028 and its agreement with the Host City Contract 2028," the LA bid committee said in a statement, confirming earlier comments from city officials.

Los Angeles had been in a race with Paris to host the 2024 Games, with the winner to be named by the IOC on September 13 in Lima.

But the possibility that Los Angeles would abandon a 2024 bid and instead accept the 2028 Games has been growing since the IOC decided in July that it would attempt to award both Games at its Lima meeting.

LA bid officials said Monday that an agreement had been reached with the IOC on financial considerations that would make waiting an extra four years feasible.

"Under the terms of the Host City Contract 2028, the IOC will advance funds to a Los Angeles Organising Committee in view of the longer planning period and to increase participation and access to youth sports programs in the City of Los Angeles in the years leading up to the Games," their statement said.

"The IOC contribution as stipulated by the HCC is USD 1.8 billion and has the potential to exceed $2 billion according to the evaluation of the LA bid committee when taking into account the estimated value of existing sponsor agreements to be renewed and potential new marketing deals." 

The agreement must still be approved by the Los Angeles City Council and the United States Olympic Committee.

"The Los Angeles City Council and United States Olympic Committee Board of Directors will consider the agreement for approval in August," the bid committee said.

"If approved, the IOC, LA and Paris may enter a tripartite agreement, clearing the way for IOC Membership to simultaneously confirm the Olympic Games 2024 to Paris and the Olympic Games 2028 to Los Angeles at the next IOC session in Lima, Peru on September 13, 2017."