PHILADELPHIA - The city of Philadelphia is pulling out of the effort to host the 2024 Summer Olympic Games.
Mayor Michael Nutter says the city has informed the U.S. Olympic Committee that it will not participate in the bidding process.
Nutter says the decision was made after a lot of research on potential venues and the financial realities of hosting the games.
But he says he believes the city ``has what it takes'' to host an Olympic Games in the future, and the city will focus on bidding for and hosting other major events in the future.
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.
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