PyeongChang Mayor Signs Host City Agreement

IOC President Jacques Rogge (left) Gangwon Governor Moon Soon Choi, and KOC Chairman YS Park.

It's official.

The host city agreement is signed and the Games will be held in PyeongChang in 2018.

"I did not expect a victory in the first round," IOC President Jacques Rogge said.

"The best one has won convincingly.

"Patience and perseverence prevailed for PyeongChang.

"Bidding for the third time played a role, the bids improved."

Rogge compared PyeongChang to Rio, the city that won the bid for 2016.  Rio also won on the third try.

“I had some confidence but I did not expect this number – 63," said PyeongChang bid chief YH Cho

“They [the IOC] believe it is the right time, the right place, right now.”

Cho expects to establish the organizing committee in three months and inlcude many members of the bid committee to ensure continuity.

He balked at suggestions that the Games were only for big, rich nations.

"Even developing nations with a good program and a good campaign can win."

PyeongChang delegates are set to party through the night along with the millions of supporter at home.  South Koreans recieved the news near midnight local time.