Paris has been officially announced as the host city of the 2024 Summer Olympics, an official statement from the International Olympic Committee said. This French capital will finally be hosting the Games after a century.

The official Twitter account of the Olympics congratulated Paris and Los Angeles as the future hosts of the much-anticipated sporting event. Los Angeles has been hailed as the host city of the 2028 Summer Games as well, CNN reported.

Both these cities previously expressed their desire to host the 2024 event, but Los Angeles officials were willing to give way and wait for another four years to arrange certain issues on funding. The next Summer Olympic Games in 2020 will be held in Tokyo, Japan.

Hosting bids

Paris has not hosted the world’s biggest sporting event since 1924, CNN said. The city proposed to host the 2008 and 2012 events but failed to win the bidding. It was given to Beijing and London, respectively.

Meanwhile, the Olympic games were held in Los Angeles in 1932 and 1984. Los Angeles also submitted their bid for the 2024 Games after Hamburg, Rome, and Budapest decided to withdraw, information from the official website said.

French capital

The official website of the Paris 2024 Games has revealed some details about the venues that are slated to be used during the sporting event. The bidding team decided to incorporate the stylized version of the iconic Eiffel Tower as part of the official logo.

The beach volleyball events will, reportedly, take place in Champs de Mars, according to the official website.

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Champs-Elysees will host the road cycling competition. This area has been hosting the final rounds of the Tour de France competition.

Meanwhile, the athletics competition will happen at the Stade de France which was also the venue of the World Cup in 1998 and the Euro finals in 2016. The equestrian events are slated to be held in the beautiful gardens of the magnificent Versailles Palace.

Cost of hosting the Olympics

Hosting such events is a serious task, especially when dealing with the finances. CNN reported that hosting the modern Olympic Games require “massive debt and cost overruns.” Citing research from an Oxford business school, the news agency said that the Rio de Janeiro games had a $1.6 billion cost overrun when it hosted the 2016 Olympics.

However, Paris officials have emphasized that they already have more than 90 percent of the facilities completed to host the events. This will reduce the costs needed for the Games, CNN added.