Paris and Los Angeles have been named as hosts of the 2024 and 2028 Olympic Games respectively, following a historic decision made by the International Olympic Committee (IOC).

Both cities were in line to bid for the 2024 summer Games, until the Los Angeles bid team struck a deal with the IOC, which will see the city wait an extra four years in exchange for guarantees that it would host the 2028 Games.

As part of the agreement, the IOC will release US$1.8bn (£1.4bn, €1.5bn) to the organising committee to “increase participation and access to youth sports programmes” during a longer planning period in the lead up to the Games.

For Paris, securing the 2024 Games will bring to an end two decades of heart-ache, after the city lost out in the bidding for both the 2008 and 2012 Games.

Fittingly, 2024 will mark 100 years since the city last held the Games.

For Los Angeles, 2028 will mark the third time the city has held the Games, having also hosted the summer Olympiad in 1932 and 1984.

Thomas Bach, IOC president, said: "Congratulations to Paris 2024 and Los Angeles 2028.

“This historic double allocation is a ‘win-win-win’ situation for the city of Paris, the city of Los Angeles and the IOC.

"It is hard to imagine something better. Ensuring the stability of the Olympic Games for the athletes of the world for the next 11 years is something extraordinary.

"These are two great cities from two great countries with a great Olympic history. Both cities are very enthusiastic about the Games and are promoting the Olympic spirit in a fantastic way.”

The decision for the double decision was made at the IOC’s annual meeting held in Lima, Peru.