U.S. Olympic Committee and Boston 2024 jointly end campaign for Boston to host 2024 Olympic and Paralympic Games

COLORADO SPRINGS, Colo., and BOSTON, July 27, 2015 – United States Olympic Committee CEO Scott

Blackmun and Boston 2024 Partnership chairman Steve Pagliuca released the following statementstoday.

Statement from Scott Blackmun:

During our telephonic meeting today, the board was briefed on our recent discussions with theGovernor, the Mayor and Boston 2024 Chair Steve Pagliuca. We also took the opportunity to considerthe remarks made by the Mayor at his press conference earlier today.

When Boston was selected in January of this year, we were excited about the possibility of partneringwith Boston’s great universities in a bid that would take advantage of existing college facilities and spurthe development of much-needed sport, transportation and residential infrastructure for the City ofBoston. The cornerstone idea behind Boston's bid was sound. We want to compliment and thank StevePagliuca and his team at Boston 2024 for the remarkable work they have done in the last two months totransform a powerful idea into a fiscally responsible reality that would have benefitted the City ofBoston and America's athletes for decades to come. Because of the good work of Boston 2024, we knowthat the Boston Games would have been good for Boston, just like the Olympic Games were good forLake Placid, Los Angeles, Atlanta and Salt Lake City.

When we made the decision to bid for the 2024 Olympic Games, one of the guiding principles that weadopted was that we would only submit a bid that we believed could win.

Notwithstanding the promise of the original vision for the bid, and the soundness of the plan developedunder Steve Pagliuca, we have not been able to get a majority of the citizens of Boston to supporthosting the 2024 Olympic and Paralympic Games. Therefore, the USOC does not think that the level ofsupport enjoyed by Boston’s bid would allow it to prevail over great bids from Paris, Rome, Hamburg,Budapest or Toronto.

Boston 2024 has expressed confidence that, with more time, they could generate the public supportnecessary to win the bid and deliver a great Games. They also recognize, however, that we are out oftime if the USOC is going to be able to consider a bid from another city. As a result, we have reached amutual agreement to withdraw Boston’s bid to host the 2024 Olympic and Paralympic Games.

The USOC would very much like to see an American city host the Olympic and Paralympic Games in2024. We will immediately begin to explore whether we can do so on a basis consistent with our guidingprinciples, to which we remain firmly committed. We understand the reality of the timeline that isbefore us. We will brief the media on our progress towards a decision later in August, and we will nothave any public statements on the subject of a possible bid until then.

Statement from Steve Pagliuca:

Today, after consulting with Mayor Walsh and Governor Baker, Boston 2024 and the United StatesOlympic Committee have made a joint decision to withdraw Boston’s bid to host the 2024 Olympic andParalympic Games.

We continue to believe that hosting the Games would have brought transformational benefits toBoston. Thanks to a strong working relationship with Mayor Walsh and Governor Baker, as well as thesupport of business, community and political leaders across Massachusetts, we were able to release Bid2.0, a fiscally-responsible plan for privately-financed Games that included unprecedented safeguards tomanage the risks associated with hosting. We believe that the benefits of hosting the Games faroutweigh the risks. With more time to engage in a discussion about Bid 2.0 – about its 8,000 new unitsof housing, tens of thousands of new jobs, and new tax revenues for the city – along with theappropriate review by Mayor Walsh, the Brattle Group, the Governor and Beacon Hill leadership, we

think public support would grow in Boston and across the Commonwealth.

As we reflected on the timing and the status of our bid in this international competition, we have jointlycome to the conclusion that the extensive efforts required in Boston at this stage of the bid processwould detract from the U.S.’ ability to compete against strong interest from cities like Rome, Paris,Budapest and Hamburg. For this reason, we have jointly decided to withdraw Boston’s bid in order togive the Olympic movement in the United States the best chance to bring the Games back to ourcountry in 2024. In doing so, Boston 2024 Partnership will offer our support and the extensiveknowledge we have gained in developing our Bid 2.0 to any American city that may choose to

participate in the 2024 bidding process going forward.

The Games are the world’s best-loved sporting event, but they are much more than that. Hosting theGames in the world’s best city for sports also presented an economic development opportunity greaterthan any of us have seen here in decades. Although we had hoped for a different outcome, we knowthat Boston will still benefit from the bidding process. Ours is a world-class city, but we face challengeswhen it comes to the cost of housing, our aging infrastructure, and the need to help all Bostonians find good jobs. We believe that our planning for the Games, including the vision for Widett Circle andColumbia Point, has already benefitted Boston, Mayor Walsh’s important 2030 planning process, andother civic conversations around the future of Boston’s neighborhoods and economic vitality. It can stilladvance many of the economic development, housing, infrastructure, and job creation opportunitiesthroughout Boston and the Commonwealth that Bid 2.0 outlined.

We are deeply grateful to our dedicated staff, Board members, venue hosts, business, academic andlabor leaders, thousands of volunteers, and the many Bostonians who believed in our vision and, moreimportantly, who are passionate about Boston’s future. We believe Boston would have been anexcellent host for the Olympic and Paralympic Games, but we know Boston’s future is still bright thanksto the love for our city we’ve witnessed over the last several months.

As a service to our readers, Around the Rings will provide verbatim texts of selected press releases issued by Olympic-related organizations, federations, businesses and sponsors.

These press releases appear as sent to Around the Rings and are not edited for spelling, grammar or punctuation.

20 Years at #1: Your best source of news about the Olympics is www.aroundtherings.com, for subscribers only