Chicago 2016 Releases Candidature File

According to Chicago 2016’s Candidature File released Friday, the bid committee projects more operating expenses and higher revenues than at least two of its three rivals.

Chicago’s revenue projection is $3.78 billion, compared to $2.666 billion for Madrid and $2.864 billion for Tokyo.

Chicago organizers say they have a “safety net” of at least $1 billion if the 2016 Games go over the $4.8 billion price tag. The safety net includes IOC cancellation insurance, another $500 million in insurance and a $500 million guarantee from the city, reports the Associated Press.

The cost doesn’t include $976 million for an Olympic Village south of McCormick place which officials say will be covered by developers.

The bid book is a three-volume, nearly 600-page document that responds to 227 major questions posted to all Candidate Cities by the IOC.

Under the bid plan the Lakeside Olympic Village will put 90 per cent of the athletes within 15 minutes or less of their competition venues and training sites. By integrating the venues into Chicago’s historic parklands and along the lakefront, Chicago 2016 has put the posrt competitions in the mids of the accommodations, celebraton sites, museums, dining, theatre and shopping, revitalizing the near South Side, said a Chicago 2016 press release.

There were reportedly no new detailed guarantees about private financing of the Olympic Village or the venue construction but organizers are counting on $240 million in private donations.

Ticket prices for the Opening Ceremonies will average $1,216 and about $1,000 for the Closing Ceremony.

The average ticket price for prime events such as swimming and basketball would be $141.

Naming rights and other sponsorship deals are forecast to generate $246 million, reports the Sun Times.

The entire bid book can be viewed online at Chicago2016.org.