MLive: Detroit mayor says no thanks to 2024 Summer Olympics bid

The mayor said in a statement that the city’s financial instability prevent the city from being able to mount a bid for the games.

Detroit was one of 35 U.S. cities solicited to consider hosting the games.

According to MLive, Bing said it was a difficult decision, especially with the knowledge that Detroit has hosted major sporting events in recent years including the Super Bowl, an NCAA Final Four and the MLB All-Star Game. The Olympics are simply too big of an investment for the city to make.

“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 in his statement.

The Detroit city council has requested a March 12 hearing, after which Governor Snyder is expected to appoint an emergency manager for the city that faces a $327 million budget deficit and $14 billion in long-term debt.

• Read the full story from MLive.