The International Olympic Committee has elected Paris as host city of the 2024 Olympic Games, with Los Angeles taking on the role for 2028.

The announcement, made during an IOC meeting in Lima, Peru, was considered a mere formality after a raft of bidding cities dropped out of the process.

Budapest, Hamburg and Rome all withdrew from the race for the 2024 event following local opposition.

Both cities had wanted to host the 2024 event, before LA agreed to wait an extra four years after the IOC made guarantees on funding.

The IOC will contribute nearly $2 billion toward Los Angeles’ hosting costs.

The Paris Games, which had fallen short with bids for 2008 and 2012, will mark 100 years since it was last held in the French capital.

Los Angeles hosted it in 1932 and 1984.

“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,” said IOC president, Thomas Bach.

“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.”

“While celebrating the decision, Paris and Los Angeles both expressed their excitement in bringing home the Olympic Games.