IOC Grilled Chicago 2016 On Funding – USOC Head

Stephanie Streeter, interim CEO of the U.S. Olympic Committee (USOC), said Thursday that the International Olympic Committee’s (IOC) Evaluation Commission grilled local organizers about how a Chicago 2016 Games will be funded and about the financial guarantees in place.

She said the IOC asked Chicago 2016 “a lot of questions around the guarantees”.

Chicago is the only one of the four cities competing for the 2016 Games not to give a blanket guarantee against financial losses. But the Chicago Sun Times reports the Chicago 2016 team pointed out the 2016 Games would be bankrolled by private donations, with a safety net that included insurance and guarantees from the city and state.

Streeter said by the times the Games are over “we believe very strongly that we’ll have a $450 million surplus”.