Boston will not apply to host the 2024 Olympics, a decision reached Monday by the U.S. Olympic Committee and Boston 2024 organizers that ends the city’s beleaguered bid after seven months in which it failed to gain substantial support.

The announcement came hours after Boston Mayor Marty Walsh said he could not back the bid if that meant signing a host city contract now that would obligate the city to cover any cost overruns, as he has been asked to do by the USOC.

A statement from USOC CEO Scott Blackmun said, in part, “When we made the decision to bid for the 2024 Olympic Games, one of the guiding principles that we adopted was that we would only submit a bit that we believed could win.

“Notwithstanding the promise of the original vision for the bid, and the soundness of the plan developed under (Boston 2024 chairman) Steve Pagliuca, we have not been able to get a majority of citizens to support hosting the 2024 Olympics and Paralympic Games. Therefore, the USOC does not think the level of support enjoyed by Boston’s bid would allow it to prevail over great bids from Paris, Rome, Hamburg, Budapest or Toronto.”