It’s the biggest sporting event in the world but could Austrlians have to miss it.
According to The Australian The Seven Network has withdrawn from the bidding process in recent weeks, after the International Olympic Committee called on the network to raise its offer,
Seven lobbed a low bid for Sochi 2014 and Rio 2016 in February after witnessing the Nine Network take an estimated $25 million hit on London 2012.
The No 1 free-to-air network was the only firm bidder among the three commercial free-to-airs, after its rivals, Nine and the Ten Network, declined to make an offer
For the games in 2012 Nine contributed $72m, with Foxtel picking up the remaining $48m portion of the tab, with production costs and facilities in London were also shared.