Our Olympic big would not have to consist of "Hi IOC, here is a blank chequebook, now we will bend over and let you have your way with us."
The key thing will be include strict parameters to avoid the typical greasiness. Easier said than done, and it would not be without it's problems, but I see this as a negotiation between parties with fairly equal leverage (neither really needs the other, but there are many reasons that each would want to work together).
A failed bid would be some wasted money, but we would get some value out of it (a thorough evaluation of costs/necessity to upgrade various facilities, which would be useful in determining priorities regardless of Olympics).
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