2024 Olympics bid dropped in Philadelphia

The city is pulling out of the effort to host the 2024 Summer Olympic Games.

Mayor Michael Nutter said Wednesday that the city had informed the U.S. Olympic Committee that Philadelphia would not participate in the bidding process. He said the decision was made after researching potential venues and the financial realities of hosting the games.

"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," the mayor said in a statement.

David Cohen, a Comcast executive vice president who was part of the effort, said "the timing is not right for Philadelphia" to host the games.

But he said he believes the city is "on a short list of U.S. cities that can ultimately deliver an incredibly successful games" and hopes it will one day bid on and secure the games "for our city, state and region."

Philadelphia was 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. A group representing the committee last year visited Philadelphia among other potential host cities including Boston, Dallas, Los Angeles, San Diego, San Francisco and Washington.