Posted at: 03/07/2013 9:47 AM
DETROIT (AP) - Detroit Mayor Dave Bing is taking a pass on the idea of making a bid for the 2024 Summer Olympics.
Bing announced the decision Thursday in a statement, citing millions of dollars needed for the bid process even before such an event. He says the city must decline to participate, citing the "timing and uncertainty of Detroit's long-term financial stability."
Bing acknowledged this week that an emergency manager will be appointed to oversee Detroit's finances. The city's budget deficit is at $327 million. It also has long-term debt topping $14 billion and has had trouble in recent months making payroll and paying other bills.
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.
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