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Illinois House Backs Chocago Olympic Bid With $250 Million

The International Olympic Committee will be sending its bid evaluation team to Chicago next month to evaluate that city's bid for the 2016 Summer Games. the Illinois House gave a boost to the city's bid last week, passing a bill to establish a $250 million insurance fund to cover any losses that the city may incur. The bill goes to the State Senate for expected passage this week.

There is little opposition to the measure as it is considered to be of very low risk to the state. the last three Olympics held in the US have averaged over a surplus of over$700 million. As structured, the City of Chicago will bear the risk for loses up to $250 million with the state picking up losses from $250 million to $500 million.

The insurance fund is vital to Chicago's bid as the competing bids from Madrid, Tokyo and Rio de Janeiro all have government backing.

Full post as published by Sports Biz on March 23, 2009 (boomark / email).