Los Angeles has reached an agreement to host the Olympics in the summer of 2028 instead of 2024.

Los Angeles was bidding to host the 2024 games. Then in June, the International Olympic Committee decided that with two strong candidates, Los Angeles and Paris, it would give one city the 2024 games and the other the 2028 games.

Los Angeles had expressed willingness to consider pushing back the date, and Paris did not, the Los Angeles Times reports.

The International Olympic Committee said in a press release that it will contribute $1.8 billion to the organizing committee. It will advance funds to the committee in light of a longer planning period to increase participation and access to youth sports programs in the years leading up to the Games.

In a statement, IOC President Thomas Bach lauded Los Angeles' plan to use existing facilities and encourage youth engagement.

"Therefore, we are very happy that, as part of this Host City Contract, we are able to increase the access of the city's youth to sport, and encourage the healthy lifestyle of Angelenos for the next 11 years," Bach said. "We are very confident that we can reach a tripartite agreement under the leadership of the IOC with LA and Paris in August, creating a win-win-win situation for all three partners."

The IOC will put forward the plan for approval at its September meeting in Lima, Peru.

This will be Los Angeles' third time hosting the Olympics. It hosted the Games in 1984 and 1932.

Disclosure: NBCUniversal, the parent company of CNBC, is the exclusive U.S. rights holder to the Olympic Games through the year 2032.

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