New Orleans has pulled itself out of the running for the upcoming 2008 Democratic National Convention because it does not have the corporate backing to fund the growing event, convention officials said Wednesday.
The city was one of four finalists, all of which put in a formal bid to host the convention.
New Orleans Convention and Tourism President Steve Perry said the city would have needed to raise $70 million to host the event, money which generally comes from big Fortune 500 companies.
Perry said in a post-storm environment, New Orleans does not have any of those companies to turn to for help in raising the capital.
“The Democratic National Committee would have definitely loved to have come here, it would have been a perfect fit for them from the political side and it would have been a great fit for us from the tourism, and convention and meeting side. But the sheer finances of it now have just put it out of our range.”
Anyone have $70 million?