On Monday, the bid team for the U.S. city announced it had reached an agreement with the International Olympic Committee, the games organisers, to host the 2028 games.
French President Emmanuel Macron has been vocal in support the Paris bid, while the Los Angeles bid team said US President Donald Trump "has been personally involved to make LA's bid a truly American bid".
In a statement, the Paris bid committee welcomed the announcement in Los Angeles but stopped short of confirming the obvious, that Paris is in line for the 2024 Games.
Macron added that he was "very committed to helping our country's candidacy win" in a contest in which Paris is now the only candidate following Los Angeles' decision.
Recently Los Angeles has agreed to take the 2028 Olympic bid, instead of continuing to fight for the 2024 slot.
Under the terms of the 2028 host city contract, the IOC will advance $180 million to the organising committee of Los Angeles due to the longer planning period and to fund youth sports in the years leading up to the Games. It's 11 years until the 2028 Games.
'Star Wars: Episode IX' Is Getting a New Writer
The 38-year-old star will reprise the role of Captain Phasma, which she played in the previous instalment also. But it's also one of the most exciting things I've ever gotten to do in my life.
"We are especially thrilled that the 2024 Olympic Games will likely return to Europe, allowing Eurosport to accelerate its efforts to engage new and younger audiences across the continent with the world's greatest sporting event, as we deliver against our commitment to create the first digital Olympic Games across Europe and utilise all screens to deliver every minute of the action", said Zaslav.
Paris, which will also be hosting the Games for a third time, endured the disappointment of failed bids in 1992, 2008 and 2012.
LA Mayor Eric Garcetti said during a press conference Monday that he had kept in touch with Macron and Paris Mayor Anne Hidalgo over the weekend by exchanging texts.
The agreement must still be approved by the Los Angeles City Council and the United States Olympic Committee - both of which backed the 2024 bid.
Garcetti said that if all goes according to plan, LA is confident it will receive 100 percent support by International Olympic Committee members in Lima for a bid that relies largely on existing infrastructure and features iconic venues such as the Memorial Coliseum - slated once again to host athletics.
The delay to 2028 opens a host of questions for Los Angeles, which is looking at the prospect of retooling its multibillion-dollar plans for more than a decade into the future.
Panagariya quits Niti Aayog, to join Columbia varsity
The Government of India, in keeping with its reform agenda, constituted NITI Aayog to replace the Planning Commission. However, sources said that Panagariya's decision to quit was due to differences with Amitabh Kant, the Aayog's CEO.
"This agreement will be put forward to the IOC Session in Lima in September for ratification".
The IOC typically splits revenue from sponsorship and broadcast deals with a host city, but most of that money is not received until a couple of years before the start of the event.
IOC president Thomas Bach said that the move would provide a "win-win-win" for LA, Paris and the Olympic movement.
The International Olympic Committee will formally announce the hosts for the Games at a meeting in Lima, Peru, on September 13.
While France's social media lit up with joy, 9,500 km away in Los Angeles, the city was alive with excitement in anticipation of hosting its third Olympic extravaganza, reports Xinhua news agency. Hamburg, Budapest and Rome also pulled out of the race.
Stock Impressing Investors: Shopify Inc. (NYSE:SHOP)
The software maker reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.07. Montrusco Bolton Investments Inc. bought a new position in shares of Shopify during the first quarter worth about $13,544,000.