Los Angeles leaders are expected to announce later today that they have reached a deal to host the Olympics in 2028.

The agreement has been in the works for several months, ever since the competition for the 2024 games narrowed to just two contenders: Paris and L.A. Rather than choose between two strong bids, the International Olympic Committee took the unusual step of deciding to award two games at once.

Paris has insisted on hosting the 2024 games, indicating that public subsidies would not be available four years later. Mayor Eric Garcetti has signaled that L.A. would likely end up with the 2028 event, noting last week that the 2024 bid “is not probably most likely to happen.”

The L.A. bid does not rely on public financing, but the city and state have agreed to provide a financial backstop in case of cost overruns. Bid leaders have predicted that the games will make money, which can be used for youth sports — as was the case after the 1984 Olympics. The L.A. bid also does not involve major new construction. An initial plan to build an Olympic village along the L.A. River was scrapped, in favor of housing athletes at UCLA dorms, and the sporting events will make use of existing stadiums and facilities.

L.A. took over as the official U.S. bid for 2024 after Boston withdrew in the face of stiff community opposition. Originally, five cities were competing for the games, but Rome, Hamburg and Budapest all dropped out.