Daley not worried USOC changes will hurt bid
Mayor Richard Daley isn't worried management upheaval at the U.S. Olympic Committee will hurt Chicago's bid for the 2016 Summer Games, an effort that got a boost Thursday when new Gov. Pat Quinn pledged to raise the state's financial guarantee to $250 million.
The city is entering the final stages of bidding amid turnover at the USOC with Jim Scherr out as chief executive officer and replaced by Stephanie Streeter, a board member who helped engineer his ouster.
The International Olympic Committee likes stability and Scherr's departure was a surprise.
But Daley isn't concerned, even though the leadership change comes just before an IOC evaluation committee is due in town for a site visit next month.
"They've assured us that's ... no effect whatsoever," Daley told The Associated Press.
The IOC will pick the 2016 host in October. Chicago is a finalist along with Tokyo, Madrid and Rio de Janeiro.
Chicago's bid got stronger Thursday when Quinn pledged to raise Illinois' financial guarantee to $250 million from $150 million. Lawmakers need to approve the guarantee. The Illinois Senate voted Thursday on a shell bill that could be used for any state involvement in the Olympics.
"Well, the city of Chicago said that that's what's needed in order to have the Olympics. (The) city of Chicago is first in line of providing any guarantee in case the Olympics don't make a profit," Quinn said.
Chicago organizers have said their financial safety net includes a $450 million "rainy day fund," as much as $375 million in IOC cancellation insurance, another $500 million in insurance coverage -- and a "last-resort" $500 million guarantee of taxpayer money from the city of Chicago.
Quinn said Olympics held in the United States make money, so he sees the state guarantee as being akin to an insurance policy.
"I don't think it will ever be used. I think it is in the interest of Illinois to have the Olympics," Quinn said.
The state is in the midst of a budget crisis with a deficit estimated to be $9 billion.
Chicago will get the chance to make a big push for its bid next month when an IOC evaluation committee comes to town.
Chicago is coming off a hard winter and many of the streets are pockmarked with potholes.
Olympic organizers are trying to get everything ready for the IOC visit, but a bumpy ride on winter-beaten streets might be unavoidable, Daley said.
"The potholes are going to be potholes. You can't fill every pothole," he said.