Summer Olympics: Budapest to Withdraw its Bid to Host Games

Budapest, Hungary, has withdrawn its bid to host the 2024 Olympics, reports the Associated Press, citing a Hungarian government spokesperson.

Hosting 2024 Olympics could boost LA's economic output by $11.2B, study saysFidesz, the governing party, said the decision was made to avoid "a loss of global prestige" for Hungary, saying the bid had a very small chance of success.

Los Angeles, who stepped in as the US candidate after Boston's bid collapsed in July 2016 is hoping to become first USA city to host the games, since it was last held in Atlanta in 1996.

Budapest follows Hamburg and Rome in quitting the race.

While Budapest's withdrawal should solidify support for a Paris Games among the European voting bloc, geographic diversity could work in Los Angeles' favor. This is, you know, why I appreciate also the public discussion.

Budapest's bid appeared in jeopardy in recent days.

"When the opposition attacked the Budapest bid in the back, it disrupted this unity (of support for the bid) and minimalized the chances of the capital city", Fidesz parliamentary leader Lajos Kosa said in a statement.

Higher Oil Price Pushes UK Inflation To Two-Year High
And with factory gate prices on the rise, there's signs that those upstream price pressures are now being passed on to consumers. Food inflation was in the negative zone for the second month running, with index down 0.56% in January from that a year ago.

Budapest is not the only bid to have pulled out of the race to hos the Games in 2024.

"This ship has sailed, it seems", Balazs Furjes told Inforadio in Hungary.

Today, Hungarian president Viktor Orban met with the Mayor of Budapest and the president of the Hungarian Olympic Committee (MOB) to discuss the fate of the bid.

Los Angeles has already hosted the Games twice, in 1932 and 1984.

Meanwhile, Paris, which had a failed bid for the 2012 Olympics, last hosted the Olympic games in 1924.

The LA2024 committee did not immediately comment on Wednesday's news.

  • Lawrence Cooper