Flush Bid

All In On Olympic Bet

In a move which may serve as a catalyst to a major transformative experience, or alternatively, could leave a legacy of debt to future generations, the Chicago City Council last week authorized Mayor Daley to sign a host city contract that amounts to an unlimited guarantee from Chicago taxpayers.

The 49-to-0 vote resonated loudly through Council Chambers, reverberating its intent to International Olympic Committee members, that while Chicago may have initially been hesitant to make such a commitment and sign on the dotted line, there’s no hesitation anymore.

“We are joining the ranks of the other three [finalist cities]. No longer will we be at a competitive disadvantage,” stated Chicago 2016 Chairman Pat Ryan.

Shortly before the roll call, an impassioned Daley almost challenged City aldermen to vote against the Olympics.

“Vote your conscience. If you firmly believe and you have the courage, you vote no … Be not afraid of the stand you’ve taken before in a committee or on the floor.”

If Chicago prevails, and a subsequent 2016 Summer Games are a financial disaster, taxpayers could be left holding the bag.

Both Daley and Ryan claim that ain’t gonna happen.

They assert that Olympic organizers would have to blow through $2.4 billion worth of surpluses, private insurance and previously approved city and state guarantees before Chicago taxpayers would be left standing alone.

Ryan, Founder and Chairman of Chicago-based AON Insurance, indicated that the City would not be taking this leap of faith without a safety net in firmly in place: “This is very, very well protected. We have every catastrophe covered,” Ryan said.

Daley, in the past had repeatedly pledged not to spend “a dime” of taxpayers’ money on the Olympics; trying to avoid matching the full government guarantees pledged by rival contenders Tokyo, Madrid, and Rio De Janiero.

“The IOC made it clear this was non-negotiable,” he said.

With just 17 days to go before the IOC makes its final decision public on October 2nd, it would seem that Chicago has pushed all its Chips forward, and requested a marker to boot; it remains to be seen what hand the City is ultimately dealt in its high-stakes bid for the 2016 Games.