Los Angeles has come to an agreement with the International Olympic Committee to bring the 2028 Olympics back to Southern California, Los Angeles Mayor Eric Garcetti announced Monday.

CARSON, Calif. — There was no sense of defeat here on the day Los Angeles learned it would have to wait an extra four years to hold the Olympics.

In fact, Los Angeles Mayor Eric Garcetti insisted Southern California got a better deal from the International Olympic Committee even though Paris got the 2024 Summer Games for which Los Angeles had bid.

Garcetti, in a news conference Monday, said waiting until 2028 will result in hundreds of millions of additional dollars for his city.

Los Angeles will get more than $2 billion from the IOC, and the money will go toward a $5.3 billion budget that will leave the city with a surplus, officials said.

“This deal was too good to pass up,’’ Garcetti said Monday at the StubHub Center, adding that a large chunk of money will be used to support youth sports in Southern California.


The budget is comparatively modest for modern Olympics, with the bill for the 2014 Winter Olympics in Sochi, Russia, reportedly costing $50 billion. Existing venues are reducing costs in what Garcetti touted as a new model for Olympics and a way to avoid deficits that most recently plagued the 2016 Summer Games in Brazil.

Garcetti also pointed out that L.A. never was the front-runner, with Boston initially selected as the U.S. bid city before Boston’s bid fell apart and the United States Olympic Committee awarded the bid to L.A.

“It was a marathon,’’ Garcetti said. “In fact, a couple of times we were counted out of the race. Today we’re at the finish line.’’

It will be more than 11 years before people can cheer for Olympic athletes here, but that didn’t seem to bother anyone at what felt as much like a pep rally as a news conference.

“For the hell of it, let’s just applaud one more time,’’ said Herb Wesson, president of the the Los Angeles City Council.