Chicago 2016 Gets Financial Guarantee From State Legislators Ahead Of IOC Visit

Should Chicago host the 2016 Summer Olympic Games, it has been guaranteed $250 million if it loses money on the event.

The legislation was sent to the Senate and was approved by a 100-14 vote.

The Chicago Tribune reports that backers of the legislation argue the state’s financial risk is not very high because it would be unusual for an Olympics being held in the United States to operate in the red and it’s been decades since any foreign-based Olympics has come up short.

Representative Will Burns said the guarantee is viewed as an important component to have in place when the International Olympic Committee (IOC) Evaluation Commission inspects the city in early April.