CHICAGO, Sept. 4 (UPI) -- Chicago Tuesday sent a formal letter to the International Olympics Committee, seeking to host the 2016 Summer Olympics.
In an announcement at City Hall, U.S. Olympic Committee head Jim Scherr described Chicago as an "unparalleled" location for the games, Crain's Chicago Business reported. Prague, Tokyo and Madrid are among the other sites bidding for the games.
Chicago has pledged $500 million in guarantees to protect the Olympics from losses. Should losses exceed that figure, Aon Corp. chief Patrick Ryan, who heads the Olympics planning committee, said a taxpayer bailout couldn't be ruled out.
In recent years, Chicago has hosted several games for international's soccer's World Cup in a bid to burnish its image as an attractive venue.
