Tuesday, January 15, 2008

Chicago details Olympic costs, hopes for 2016

From Crain's today. Perhaps I can do more Olympic updates in the future here at Sixth Ward...
City Hall Tuesday began to lift some of the financial veil which has shrouded Chicago’s bid to host the 2016 Summer Olympics.
Officials described an event that would cost $2 billion to house and provide a place for athletes to compete. At the same time, the games would take in a projected $2.5 billion in domestic sponsorship and ticket sales.

In releasing an inch-thick questionnaire submitted to the International Olympic Committee, local officials said they are confident Chicago’s bid will be both affordable and unique, offering the city a solid chance to prevail over competition from Madrid, Rio di Janeiro, Tokyo and other competitors.

Chicago’s numbers are “responsible and realistic” and its vision for the games “bold” and “born from Chicago’s visionary past,” said Patrick Ryan, chairman and CEO of Chicago 2016, the city’s Olympics planning committee. “We believe we can reignite the passion for Olympic sport here in Chicago and throughout the country.”

Most of the information in the questionnaire had been previously released when Chicago last year won rights to become the American candidate to host the games.

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