STOCKHOLM (AP) — Stockholm dropped out of the race to host the 2022 Winter Games on Friday, becoming the latest city to reject an Olympic bid because of the financial costs.
The Swedish capital pulled the plug on its bid after the City Council refused to back the project.
"To organize Winter Games would mean a big investment in new sports facilities, for example for the bobsled and luge," Regina Kevius, the mayor in charge of sports events, said. "There isn't any need for that type of that kind of facility after an Olympics."
The city's top mayor, Sten Nordin, who also in charge of finances, said the Swedish Olympic Committee had done comprehensive work on the plan.
"Although the calculations are thorough, we estimate that revenues will likely be lower and costs higher than the investigation indicate," he said in a statement.
One of the biggest investments would be to boost the height of an existing skiing slope in Stockholm to meet criteria to host the slalom.
Earlier, Swedish sports minister Lena Adelsohn Liljeroth had expressed doubts about the bid.
"It is of course very sad. I think that there was a potential to do this really well," said Karin Mattsson Weijber, head of the Swedish Sports Confederation.
Stockholm, which hosted the Summer Games in 1912, had been bidding to become the first city to hold both the Summer and Winter Olympics.
Friday's decision left five cities in contention: Almaty, Kazakhstan; Beijing; Krakow, Poland; Lviv, Ukraine; and Oslo, Norway.
Stockholm's bid had already been considered a longshot because it proposed to host most of the Alpine events in the northern Swedish resort of Are, more than 600 kilometers (400 miles) away from the capital.