The International Olympic Committee and Airbnb have announced a sponsorship agreement worth more than US$500 million.

The deal will run for nine-years, through to 2028, and cover the next five Olympic and Winter Olympic Games.

It is hoped the partnership will create a new standard for accommodation during events.

In line with Agenda 2020, the International Olympic Committee’s strategic roadmap for the future, the agreement will support the sustainability objectives of the games.

The agreement includes accommodation provisions that will reduce costs for games organisers, minimise the need for construction of new accommodation infrastructure for the games and generate direct revenue for local hosts and communities.

Airbnb co-founder, Joe Gebbia, said: “Our Olympic partnership will ensure that the games are the most inclusive, accessible and sustainable yet, and leave a lasting positive legacy for athletes and host communities.

“Airbnb’s mission is to create a world where anyone can belong anywhere, and we are proud that the Olympic spirit will be carried by our community.”

The partnership will generate hundreds of thousands of new hosts over nine years, giving community residents the opportunity to earn extra income by providing accommodation and local experiences to visiting fans, athletes and other visitors.

For the cities themselves, the Airbnb community represents a more environmentally sustainable way of accommodating a surge in visitors.

IOC president, Thomas Bach, said: “This innovative partnership underpins our strategy to ensure that the efficient staging of the Olympic Games is sustainable and leaves a legacy for the host community.

“With Airbnb’s support, we will also develop new opportunities for athletes around the world to develop their own direct revenue streams through the promotion of physical activity and the Olympic values.

“From this partnership there will also be direct benefit for athletes beyond the US$5 billion the IOC is distributing during this Olympiad for their benefit to organising committees and sports organisation around the world.”