Friday, March 30, 2007

Los Angeles Gets Financial Guarantee | Daley Created Financial Risk

Los Angeles 2016 got their own financial guarantee from the State of California for $250 million.

At first glance, people in Chicago must be wondering "hey, how come we had to come up with $500 million?" and the answer is because Chicago's plans are much more financially risk and have more construction costs. Los Angeles has very little financial risk and that is widely agreed by everyone.

The main problem of Chicago's risk involves the temporary stadium being proposed for a south side park, made necessary by Daley's mistake with Soldier Field. It should be noted this temporary stadium may evolve (and almost definitely will if it is going to have any chance of being slightly appealing to sponsors and the IOC). And, most importantly, this is the solution the City of Chicago (Daley) wants and does not mean it's the best solution possible. Daley can't afford to allow another stadium to co-exist with Soldier Field. The reality is a new Olympic stadium that was state-of-the-art and permanent would risk the viability of Soldier Field.

Allowing Daley to control the Chicago bid process means solutions will be offered that are in his best interest, not the region or USOC or IOC's best interest.

Will the USOC figure that out before April 14th?

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