Boston Says 2024 Olympics Wouldn't Break The Bank

 Boston says it will not break the bank to host the 2024 Summer Olympics.

“I promise this will be the most open, transparent and inclusive process in Olympic history,” Boston Mayor Martin Walsh said. 

Boston was chosen as America's candidate to host the 2024 Olympics on Thursday, and Mayor Martin Walsh says taxpayer money will not be used to fund the games.

The city's Olympic efforts are spearheaded by the group Boston 2024, which says it plans to cover the costs of the event through corporate sponsors, broadcast fees and ticket sales. 

The group's budget is estimated at $4.5 billion, and it's suggested using existing stadiums in the city like those of the Boston Red Sox and New England Patriots to save money. 

Using facilities at the city's many universities is also an option for keeping costs down. 

Some public money would be used on infrastructure improvements to the city, but Walsh says most of those improvements needed to be done anyway. 

Walsh also announced an insurance policy is included in the bid that covers the city if tax money is used for any improvements it did not already have plans for.

And federal money will help with security costs if Boston is chosen. 

Recently, the Olympic games have been expensive affairs for the host cities. Russia spent about $50 billion on last year's Winter Games in Sochi when its original projection was only $12 billion. 

Other potential host cities for 2024 include Rome, Paris and Berlin. 

This video includes images from Getty Images and Tony Webster / CC BY SA 2.0.