Marty Walsh speech basically ends Boston's bid for Olympics

Boston Mayor Marty Walsh press conference about his decision not to sign Olympic contract on this date. Monday, July 27, 2015. Photo by Ted Fitzgerald (Herald)

A source close to the Olympics process has confirmed that a statement from the USOC and Boston Mayor Marty Walsh's office is imminent declaring that Boston's Olympics bid is over

Earlier in the day, Walsh said he would not bow to pressure to sign a host city contract committing taxpayer dollars to cover cost overruns for the 2024 Olympics, and if it's needed, he's willing to give up the city's pursuit of the bid.

"This is a commitment that I cannot make without assurances that Boston and its residents will be protected," Walsh said at a hastily scheduled morning press conference at City Hall.

"We have met every demand and every challenge, but I can not commit to putting the taxpayers at risk," Walsh said. "If committing to singing a guarantee today is what's required to move forward, then Boston is no longer pursuing the 2024 Olympic and Paralympic Games."

Walsh said until he sees the the scope of the IOC guarantee, he can't be sure the city can indemnify itself through insurance. The head of the city's Olympic planning office is reviewing a multi-layered insurance package released by Boston 2024 Thursday night.

"We are unable to conclude our analysis without knowing the full scope of risk contained within the guarantee of the 2024 games," Walsh said. "I refuse to mortgage the future of the city away, I refuse to put Boston on the hook for overruns, and I refuse to commit to signing a guarantee that uses taxpayers dollars to pay for the Olympics."

Walsh said the city does not have to sign a document as the official U.S. bid city until September, and has until the IOC's September 2017 vote on which city will host the games to finalize a guarantee pact.

The mayor, who has repeatedly vowed to protect city taxpayers from being on the hook for overruns connected to the bid, said he was reacting to reports and "rumors" about the United States Olympic Committee stepping up its pressure that the city agree to backstop costs for the Games. He also cited a flood of opposition on Twitter, which he attributed to "about 10 people."

Walsh said the USOC pressure to commit doesn't give the city enough time to ensure proper protections for taxpayers, such as a liability cap.

"If we had another month, we possibly could, but the rumors I keep hearing by reading the papers of some of the USOC board members coming out in their statements, they concern me," Walsh said, referencing recent calls from board members for Gov. Charlie Baker and Walsh to commit to backing the pursuit of the games.

The USOC was scheduled to hear from Gov. Baker in a morning conference call, though he has repeatedly said he will not shift from his neutral position on hosting the games until he gets a report from the Brattle Group, an outside firm his office hired to analyze Boston 2024's bid.

A Baker aide said the governor spoke to USOC officials on a "brief" 10-minute call this morning while he was traveling to Springfield to attend the funeral of Marine Gunnery Sgt. Thomas Sullivan, who was one of the Marines killed in a shooting attack at a Chattanooga, Tenn., facility earlier this month.

USOC officials asked Baker for an update, to which repeated his intent to wait on the Brattle Group, according to the governor's office. A Baker aide said there were three USOC officials on the call, in which the governor also praised Boston 2024 chair Steve Pagliuca for producing a more detailed version of the bid committee's plans.

The USOC members have been anxious for an answer on the political support behind Boston's bid, particularly Baker.

"We need to know how (Boston) is doing and if the people of the city are interested in hosting the games," Anita L. DeFrantz, a member of the USOC and the International Olympic Committee, said over the weekend. "We need to get a report. I need to know."