Bing said the decision was “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,” Bing said in a statement released this morning.
“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.”
Just last week, the state of Michigan appointed an emergency manager to oversee Detroit’s finances. The city’s budget deficit sits at $327 million and more than $14 billion in long-term debt is predicted.
The Olympics actually almost came to Detroit in 1968. Despite emerging as the front runner early in the process, the city finished second to Mexico City by a vote of 30-14.
The city does, however, own the dubious distinction of holding the record for most failed bids.