Los Angeles is poised to host the 2028 Olympic Games. On July 31 the International Olympic Committee announced the 2028 host city contract after the Los Angeles Olympic and Paralympic Candidature Committee declared candidature for those Games. In the contract, the IOC stipulates that it will make contributions to the organizing committee representing an estimated $1.8 billion.

The IOC had already named Paris and Los Angeles for the 2024 and 2028 Games, but sorting out which city would receive each edition had been under negotiation for much of July.

While the IOC generally contributes some broadcast and sponsorship revenues to the host cities, that money doesn’t arrive until late in the game, and the organizing committees must start preparing many years in advance. By agreeing to be patient, Los Angeles will gain more immediate access to those IOC contributions.

“In comparison to the Host City Contract 2024, the IOC is making two major changes: the IOC will advance funds to a Los Angeles Organizing Committee in view of the longer planning period and to increase participation and access to youth sports programs in the City of Los Angeles in the years leading up to the Games,” stated an IOC press release.

According to the Los Angeles Times, the city will also be able to sell some domestic sponsorships, and various payments have been waived that may save millions of dollars.

“I can look people in the eye and say this is a much stronger deal financially,” Los Angeles Mayor Eric Garcetti told the LA Times.

Los Angeles previously hosted the Olympics in 1932 and 1984. For the 1984 version, the equestrian sports were hosted at the Santa Anita Racetrack in Arcadia, Calif., and then cross-country was held at the Fairbanks Ranch Country Club in Rancho Sante Fe, Calif. The bid packet for 2024 suggests hosting the equestrian events at a $45 million temporary venue at what’s currently the Woodley Golf Course in the Sepulveda Basin, about 20 miles outside of the center of Los Angeles in Van Nuys, Calif. The equestrian sports are included in the “Valley Cluster” with shooting, modern pentathlon and canoe slalom.

The IOC confirmed dressage, eventing and show jumping for the 2024 Games, but the organization hasn’t decided the program for 2028 yet.

The full IOC membership will meet in Lima, Peru, in September and vote to confirm the locations of the Games.

“Los Angeles presented an excellent candidature that embraces the Olympic Agenda 2020 sustainability priorities by maximizing the use of existing facilities and encouraging the engagement of more youth in the Olympic Movement,” said IOC President Thomas Bach in the official statement. “Therefore, we are very happy that, as part of this Host City Contract, we are able to increase the access of the city’s youth to sport, and encourage the healthy lifestyle of Angelenos for the next 11 years. We are very confident that we can reach a tripartite agreement under the leadership of the IOC with LA and Paris in August, creating a win-win-win situation for all three partners.”