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Olympic Organizers Say Taxpayers Will Be Last Resort
Produced by Natalie Moore on Saturday, August 29, 2009
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Chicago Olympic organizers say taxpayers will be a last resort in paying for the 2016 Games.
If the Games come to Chicago, the Olympic committee says it will now have more than $1.4 billion in insurance coverage.
The committee announced yesterday that it was adding to its insurance package.
If that money runs out, then taxpayer money from the city and state would kick in – up to $750 million.
The committee took out the additional insurance to allay concerns of taxpayers. Things like poor ticket sales won’t be covered.
Chicago 2016 CEO Patrick Ryan:
RYAN: We have a moral responsibility to deliver on. Insurers aren’t going to say ‘okay guys, take a holiday, we’ll pay for the sponsorships if you can’t sell them.’ That’s not going to happen.
The insurance policy will cost the Olympic committee about $68 million.
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