Paris and Los Angeles have been confirmed as host cities of the 2024 and 2028 Olympic Games respectively.

The "tripartite agreement" between the International Olympic Committee (IOC), Paris 2024 and Los Angeles 2028 was ratified in the Peruvian capital Lima on Wednesday.

The historic compromise sees both cities join London as three-time hosts of the summer Games, with Paris getting its wish to go first and celebrate the 100th anniversary of its last Olympics in 1924.

LA, meanwhile, gets the certainty of a Games without a bidding contest and early access to at least €2 billion in shared revenue to kick-start its legacy plans 11 years early.

The deal was sealed on July 31 after weeks of steady negotiations between the three parties.

IOC president Thomas Bach 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."

Both Paris 2024 and Los Angeles 2028 officials expressed their excitement at the decision to award their cities the Olympic Games. Paris 2024 bid co-chair Tony Estanguet said: "Paris 2024 is made for sharing."

LA 2028 bid chairman Casey Wasserman added: "The Olympic movement is the greatest expression of shared human values ever created. I can assure you that LA 2028 is ready."

And LA mayor Eric Garcetti added: "The Olympics will help spur a bold vision for our city."

As the cost of hosting an Olympic Games, particularly the larger summer version, continues to spiral upwards, cities are no longer queuing up for the right to play host.

A string of potential bidders pulled out of the most recent race, having seen Rio in Brazil saddled with significant debt and a string of white elephant arenas and infrastructure.

The build-up to the next Olympics has been dominated by Tokyo 2020's spiralling costs.

The price tag on the Tokyo Games has ballooned to nearly twice the initial estimate of €5.5 billion dollars, even after a major cost-cutting effort.

But both Paris and LA officials promised that their Games would not be affected by such issues.