Washington : Los Angeles' 2024 Olympic Games bid has been given final approval by the city council, a media report said on Thursday.

The approval means that Los Angeles has the legal power to host the Games if the city is selected by the International Olympic Committee in September, Xinhua news agency reported. 

While giving its approval on Wednesday, the city also agreed to cover any financial shortfalls.

Los Angeles is competing with Paris and Budapest in a bid to host its third Olympic Games.

The 2020 Olympic Games will be held in Tokyo.-Agency