Financial crisis costs Detroit shot at 2024 Olympic bid - FOX 10 News |

Financial crisis costs Detroit shot at 2024 Olympic bid

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(Credit: WJBK| City of Detroit (Credit: WJBK| City of Detroit

Detroit is the only city to bid seven times only to lose out on a chance to host the Olympic games and now it appears there will not be a new attempt.

Last month Detroit learned it was on the list of 35 cities being invited by the U.S. Olympic Committee to possibly host the summer Olympic Games in 2024. On Thursday Detroit Mayor Dave Bing released a statement saying that due to the current financial emergency and the cost involved the city would not be participating in the process.

Statement from Mayor Dave Bing:

"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 up front 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."

 Detroit was a finalist to host the summer games in 1968, losing out to Mexico City.

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