Chicago 2016 Presents a “New Financial Model” to the International Olympic Committee

At a presentation to most members of the International Olympic Committee in Lausanne today, Chicago 2016 bidders urged the IOC to consider their bid and a new way to finance the Olympic Games.

“Private philanthropy for a public purpose”, Chicago 2016 CEO Pat Ryan emphasized during a press conference following the meeting.

“A new model of public/private partnership … to mitigate financial risk and make sure the Games are delivered.”

Ryan explained that this model spreads the risk and is better for taxpayers; and it has already been tested in Chicago to build some of the city’s monuments and cultural institutions.

This strategy has been introduced amid criticism that the bid lacks the 100% public financial guarantees that the IOC requires and the other three bid cities already offer as part of their bid plans.

During the presentation IOC members were shown a video with Valerie Jarrett, Senior advisor to President Barack Obama, who spoke about the unprecedented support from the federal government. She took the opportunity to introduce the newly formed White House Office of Olympic, Paralympic and Youth Sport that was just announced Tuesday in Washington.

“[The office] is something that is very important to the legacy that we are all committed to”, Ryan remarked.

When questioned by reporters why the President himself did not appear in the video, bid officials repsonded that they were following IOC rules. The IOC has requested that the bidders do not make use of celebrities or dignitaries during the presentations.

Ryan also commented on anti-bid activists saying that Chicago 2016 was willing to meet with the group but that the group did not understand the bid’s finances.

Officials rebuffed reporters’ questions regarding President Obama’s attendance at the final vote in Copenhagen saying that its far to early to determine the President’s schedule and whether he would be available.

Keep watching throughout the day for further developments as the other cities continue to present to the IOC.