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The four cities battling to host the 2016 Summer Olympics insist the global financial crisis is having little impact on their pursuit of organizing the world's premier multi-sports event.

As Chicago, Madrid, Tokyo and Rio de Janeiro prepared to make key presentations to the International Olympic Committee (IOC) and sports officials gathered at the SportAccord convention, all four vowed to take on the financial burden of staging the Games.

"The economy is a major part of everyone's thought process," Chicago 2016 bid chief Pat Ryan told reporters.

"From the outset we have been blessed that there is already a lot of infrastructure in place in Chicago. We believe our bid is good for the times."

Chicago has pegged its operating budget at $3.8 billion with another $1.1 billion for the construction of venues such as the athletes village.

Mayor Richard Daley said none of the city's money would be used for the Games but it would put up a $500 million guarantee against any operating deficits.

By contrast, Japan's government is throwing its full weight behind Tokyo's bid in providing a 100 percent financial guarantee.

The City of Tokyo has already set aside $4 billion for the Games, more than enough to cover the cost of venue and infrastructure improvements that have been put at $3.9 billion.

"The current economic crisis is (having) an impact in many areas but fortunately the bid itself has not been affected," Tokyo 2016 CEO Ichiro Kono told Reuters. "The City of Tokyo has already put aside $4 billion in the bank."

TWO EVENTS

Madrid will also have the security of the Spanish, with regional and local governments underwriting the entire $6 billion cost of their bid.

The costs will be spilled between an operating budget of $2.6 billion and infrastructure costs of $3.4 billion.

"It (the economy) hasn't really affected our bid because we had our budget in place before the worse came," Madrid 2016 CEO Mercedes Coghen said.

"Even when we started, the business people were starting to suffer and they thought it was a great project for the country."

Already set to host the 2014 World Cup, Brazil is seeking to add the daunting challenge of staging an Olympic Games two years later in Rio.

Rio has set an operating budget of $2.8 billion but even with most of the facilities in place as part of the legacy of the 2007 Pan Am Games, the sprawling city will need to inject billions into infrastructure projects.

"We acknowledge that the world is living in very difficult times but we are fortunate in Brazil our economy remains strong," Rio 2016 secretary general Carlos Roberto Osorio said.

"As for both events, why not? Mexico did in 1968 and 70, Germany in 72 and 74, the U.S. in 94 and 96. We want to do the same."

(Source: Reuters)