LA, 4 other cities officially in the running to host 2024 Olympics

Five cities are in the running to stage the 2024 Olympic Games.

The International Olympic Committee (IOC) announced Tuesday that Los Angeles, Rome, Paris, Budapest and Hamburg will compete to host the world's biggest sporting event.

The winner will be announced after voting at the IOC's conference in Lima, Peru, in September 2017.

A recent change to the regulations now means that every bidding city makes the shortlist, with the 100 IOC members then voting for a winner.

"We are welcoming five outstanding and highly qualified Candidate Cities," IOC President Thomas Bach said in a statement.

"Olympic Agenda 2020 has shaped the Candidature Process more as an invitation and the cities have responded by engaging with the IOC through dialogue and cooperation.

"In the new invitation process the IOC learnt that all the candidates are embracing Olympic Agenda 2020 from their respective vision for the future of their city.

"Sustainability and legacy are the cornerstones of each candidature."

The announcement triggers a two-year race to stage the Games, the next installment of which will be held in Rio next year.

The IOC also announced it would contribute $1.7 billion in "cash and services" to the winning organizing committee.

Los Angeles

LA stepped in to replace Boston in July after the city failed to attract majority support from local residents.

The Californian city has hosted the Games twice before, in 1932 and 1984. The last time the Olympics was held on American soil was in Atlanta in 1996.

The U.S. Olympic Committee threw its weight behind Los Angeles after lauding an "environmentally sustainable bid" that would utilize many existing venues rather than building new ones.

Rome

The "Eternal City" has hosted the Games once before, back in 1960.

It had been in the running to host the 2020 Games but withdrew due to economic difficulties in the country.

Given the city's rich history and a gap of over 50 years since its last Olympics, it could be a strong contender.

Paris

The French capital city was favorite to win the race to stage the 2012 Games before London pipped it to the post.

It also failed with bids for the 1992 and 2008 Olympics and has twice hosted the event before, in 1900 and 1924.

Should it be successful it would become only the second city to host the Games three times, alongside London.

Budapest

Should the Hungarian capital city be successful it would be only the second time the Games has been held in Eastern Europe, after Moscow in 1980.

It has bid unsuccessfully for the Olympics on five occasions, the last coming in 1960.

Of the 10 most successful medal-winning countries in Olympics history, Hungary is the only one never to have hosted the Games.

Hamburg

The German city's participation could last only a few months.

Hamburg is holding a referendum on its participation in November and if its residents vote no, it will pull out of the running.

It is proposing a carbon neutral Games and a budget of E50 million. The last time Germany hosted the Olympics was in Munich in 1972.