(Philadelphia) -- The city of Philadelphia is pulling out of the effort to host the 2024 Summer Olympic Games.
Mayor Michael Nutter says the city had informed the U.S. Olympic Committee that the city would not participate in the bidding process.
He says the decision was made after a lot of research on potential venues and the financial realities of hosting the games.
But, the mayor adds 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.
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.
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