Philadelphia is pulling out of the effort to host the 2024 Summer Olympic Games.
Mayor Michael Nutter informed the U.S. Olympic Committee of the decision today.
Nutter said the decision came after months of research on potential venues and the financial responsibility of hosting the Games, as well as discussions between the City, the Olympic Committee, and regional stakeholders and experts.
"However, we do believe that Philadelphia has what it takes to bid on and host an Olympic Games in the future, and will continue to foster our successful working relationship with the USOC and support their efforts.”
Nutter says the city has instead decided to focus on potentially hosting other large events in the future.
Philadelphia was also one of five U.S. cities that made a presentation to the U.S. Olympic Committee on hosting the 2016 games, which will be held in Rio de Janeiro.
City Councilman Jim Kenney says he is not in agreement with Nutter's decision. He believes a withdrawal from the 2024 bidding process will hurt, if not eliminate Philadelphia's chance at winning a bid for the 2028 Olympic Games.
"If you enter into the exercsie with the eye on 2024 and you dont get it, I think you're that much further in the game for the bid for 2028. Just proceed with the process and see where it leads," Kenney said.
"I think something like this could be a game changer for the region, so to dismiss the chance was just not a good decision."