Mayor Michael Bloomberg believes New York will be forced to abandon it's bid for the 2012 Olympics if a stadium agreement is not reached soon, reports The Daily Telegraph.
The deal being pursued is for a $1.4 billion stadium for the New York Jets American football team.
"If we were not to get the stadium going very soon, we will have to drop out of our bid for the Olympics," Bloomberg said.
The plans would see a stadium built above a rail yard on Manhattan's far West Side. But there has been opposition from residents, local politicians and some civic groups.
New York is currently up against Paris, London, Madrid and Moscow to stage the Games.
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