New York City's hopes of hosting the 2012 Summer Olympics all but died yesterday as the proposed stadium on the West Side of Manhattan was defeated by New York's Public Authorities Control Board.

The International Olympic Committee had indicated that New York City would not be awarded the Olympics unless a stadium was built. Even prior the defeat of the stadium, New York was a long shot to host the Olympics as both the front-runner, Paris and London are being considered ahead of New York.

After the Olympics, the stadium would have served as home of the NFL's New York Jets as well as being used for conventions and other activities. Now, it is likely the Jets will stay in New Jersey.

Presently, the Jets play their home games at Giants Stadium in East Rutherford, New Jersey. The Giants are reportedly building a new stadium to replace Giants Stadium which opened in 1976. Although New York City officials are hoping the Jets will consider a return to Queens, it is now likely the Jets and Giants will split the cost of constructing a new stadium in New Jersey.

New York was also conditionally awarded the 2010 Super Bowl by the NFL contingent on the building of the stadium. That is also now off.

The big winners in the scenario are New Jersey, who will now likely keep the Jets and Cablevision, the cable TV behemoth who spent tens of millions of dollars lobbying against the stadium for fear it would compete with Madison Square Garden which the company owns.

It appears that Mayor Michael Bloomberg's dream of building a stadium on Manhattan's West Side is all but officially dead.