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Prague Could Drop Out Of 2016 Olympic Bid

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The Associated Press (AP) reports that Prague could withdraw its bid for the 2016 Summer Olympic Games unless it receives the necessary financial guarantees from the government.

Tomas Petera, head of Prague 2016 said, “quite frankly we are pressed for time”.

According to AP, organizers believe they lack the government guarantees required for the International Olympic Committee’s (IOC) official questionnaire due by January 14.

Petera said, “without it our chances equal zero. We are going to have to make a final decision whether to bid or not some time between now and Jan. 14, depending on whether we have the guarantees”.

He blamed the delays on a vacancy for the past two months in the Sports and Education ministry due to a government reshuffle.

Thursday Petera submitted an updated budget of 124 billion koruna ($7 billion U.S.). Plans now include reconstruction of existing facilities instead of building new ones.

A 2004 analysis by PricewaterhouseCoopers showed that hosting the Games would cost 135.9 billion koruna ($6.7 billion U.S.). Write or read comments about this article

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