Detroit won't bid for 2024 Olympics

Detroit won't be pursuing a bid to host the 2024 Summer Olympic games.

In a statement, Mayor Dave Bing said the timing of the city's financial troubles was to blame.

"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," he said. "We must respectfully decline to participate."

Bing acknowledged that Detroit's prime location on an international border and history of hosting other big sports events -- the Super Bowl, All-Star game, NCAA Final Four games and Stanley Cup finals -- made it an "appealing candidate."

Detroit would have been competing with cities such as New York, Chicago, Boston, Denver, Dallas and San Francisco.

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