Azerbaijan's capital, Baku, announced its plans to bid for the Olympics, with initial studies suggesting that the cost of hosting the 2016 Summer Olympics may be $20 billion. In July 2007, Chingiz Huseynzade, chairman of Azerbaijan's
National Olympic Committee, told a press conference that a group of economists was working on this issue. Baku is Azerbaijan's oil-rich capital city, on the shores of the
Caspian Sea. The city had become somewhat run down following the chaotic period during which independent Azerbaijan emerged from the former
Soviet Union but has been experiencing massive development since a new oil-boom began around 2003. As a city in the crossroads between East and West, Huseynzade suggested that the theme of the games might be "making a better connection between East and West" Recent sports experience included Baku's hosting of the
2007 World Wrestling Championships and the 23rd European Rhythmic Gymnastics Championships at the
Heydar Aliyev Sport Complex, named for the former Azeri leader. The bid was popular with residents, with 91.9% of residents being in favor of the bid. This was the highest approval rating of any of the applicants, most of which were in the 70s–80s percent range. Meanwhile, its long border with
Iran may have caused concerns for a security risk. However,
Iran itself expressed support for the Baku Olympic bid. In addition, the South Caucasus is a region with two other frozen political conflicts, which may have negatively influenced support of the regional Games.
Funding As an
oil rich nation, Azerbaijan has plenty of money to fund the games. The country produces of oil daily which would pay for Baku’s bid. A member of the bid team said, “oil money coming into the Azerbaijani economy in the next 20 years will be $200 billion." With full government backing and financial guarantees, revenue was estimated to be US $930 million. ==Outlook, conclusion, and future==