Olympics supporters are asking for a much higher financial guarantee from the state — $250 million — to help Chicago win its bid for the 2016 Games.
The request dwarfs the $150 million in taxpayer money pledged in 2007 by ousted Gov. Rod Blagojevich and comes amid worries that Chicago’s bid is at a competitive disadvantage because it doesn’t include the full government guarantees offered by rival finalists Tokyo, Madrid and Rio de Janeiro.
“We’ve always anticipated working with the state on a guarantee and that’s the start of that process,” said Patrick Sandusky, a spokesman for the Chicago 2016 bid team.
A spokesman for Gov. Patrick Quinn confirmed his support for the additional $100 million.
The bid team has already lined up $500 million in city guarantees and $500 million in private insurance to cover any potential losses in operating the games. Bid officials say it’s very unlikely the funds would ever be tapped.
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