Chicago 2016 head says taxpayer risk 'improbable'

The head of Chicago's bid for the 2016 Olympics has rushed to assure city taxpayers and city council members that it's unlikely they'll be on the hook for millions in case the games turn out to be a financial flop.

Patrick Ryan said Monday that the risk of taxpayers' money in Chicago bid is "improbable."

Bid organizers met with the International Olympic Committee in Switzerland last week. The meeting included a promise from Chicago Mayor Richard Daley that he'd sign a host city contract, which assures the city will take full financial responsibility for the games.

Ryan says organizers are going to the lay out the plan for the City Council within 60 days. He says the Council could derail the whole bid if it chooses.