"Experts on the Games say New York has yet to satisfy the International Olympic Committee's firm demand that host cities guarantee to pay for all cost overruns and deficits, no matter how high they go.

When the committee announces the host city on July 6, it will require it to sign a contract that day agreeing to underwrite the entire cost of the Games, cover any differences between revenues and expenditures, and indemnify the committee, sponsors and broadcasters against any financial claims that arise."