DETROIT (WXYZ) - Detroit Mayor Dave Bing issued a statement Thursday to announce that the city will decline submitting a bid to host the 2024 Olympics.
He cites Detroit's financial instability as the reason for declining to apply.
READ THE MAYOR'S STATEMENT BELOW:
"While we appreciate the opportunity and recognize that we have successfully hosted many major sporting events, including the NCAA Final Four; MLB All-Star Game; NFL Super Bowl; two World Series; and nine NHL Stanley Cup finals, this decision is not an easy one. With our rich history of hosting major events and Detroit's prime location on an international border, we recognize that this makes Detroit an appealing candidate to potentially host the 2024 Olympics and Paralympics.
"However, the bid calls for a $10 million upfront bid process payment and adding more than a $3 billion operating budget commitment -- not including cost associated with venue construction and other infrastructure cost.
"Unfortunately, due to the timing and uncertainty of Detroit's long-term financial stability, we must respectfully decline to participate."
Mayor Dave Bing