Airbnb is to sponsor the Olympic Games through to 2028 in a $500 million deal.

The nine-year partnership with the International Olympic Committee covers five summer and winter tournaments and is designed to create a “new standard” for hosting.

The global partnership will see the home-sharing firm support the 2020 Olympic Games in Tokyo, Winter Games in Beijing 2022, the 2024 Olympic Games in Paris 2024, the Olympic Winter Games Milano-Cortina 2026, and the Olympic Games in Los Angeles 2028.

The agreement also includes marketing rights for the International Paralympic Committee and the Paralympic Games as well as the Youth Olympic Games.

The partnership aims to generate “hundreds of thousands” of new hosts over nine years, giving local residents the opportunity to earn extra income by providing accommodation and local experiences to visiting fans, athletes and other members of the Olympic movement.

It includes providing accommodation designed to reduce costs for Games’ organisers and stakeholders, minimise the need for building new accommodation and generate direct revenue for local hosts and communities, accordng to Airbnb.

The partners will work to increase accommodation that supports accessibility for people with disabilities or other accessibility needs.

Airbnb hosts across Japan welcomed more than 650,000 travellers during the Rugby World Cup, earning more than $70 million in host income.

Airbnb co-founder Joe Gebbia said: “Airbnb and the IOC have a strong track record in creating and accommodating the world’s greatest events.

“Our Olympic partnership will ensure that the Games are the most inclusive, accessible and sustainable yet, and leave a lasting positive legacy for athletes and host communities.

“Airbnb’s mission is to create a world where anyone can belong anywhere, and we are proud that the Olympic spirit will be carried by our community.”

IOC president Thomas Bach said: “This innovative partnership underpins our strategy to ensure that the efficient staging of the Olympic Games is sustainable and leaves a legacy for the host community.

“With Airbnb’s support, we will also develop new opportunities for athletes around the world to develop their own direct revenue streams through the promotion of physical activity and the Olympic values.

“From this partnership there will also be direct benefit for athletes beyond the $5 billion the IOC is distributing during this Olympiad for their benefit to organising committees and sports organisation around the world.”