DETROIT (WWJ) - Detroit Mayor Dave Bing is passing on the idea of making a bid for the 2024 Summer Olympics.
Bing announced the decision Thursday in a statement, saying he was happy Detroit was considered, but the timing is off.
“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,” Bing’s statment read.
As to why the timing is off, Bing cited millions of dollars needed for the bid process even before such an event, something the city doesn’t have.
“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,” Bing said. “Unfortunately, due to the timing and uncertainty of Detroit’s long-term financial stability, we must respectfully decline to participate.”
Bing announced earlier this week that an emergency manager will likely be appointed to oversee Detroit’s finances, and he won’t argue with Lansing over it. The city’s budget deficit is at $327 million, including long-term debt topping $14 billion.
The U.S. Olympic Committee last month sent letters to mayors of a number of cities to gauge interest in a potential bid for the Summer Olympics, the Associated Press reported.