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The U.S. Olympic Committee (USOC) announced on Monday that San Fransisco has withdrawn its bid to host the 2016 Olympic Games.

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"Our evaluation process will now continue with two cities - Chicago and Los Angeles - as we work to find the one U.S. city that has the best opportunity to compete in the international race," said the statement.

Chicago and Los Angeles are dynamic cities, each with its own distinct vision for hosting the athletes of the world, the statement said.

The U.S. domestic evaluation process is designed to produce plans of technical excellence, based completely on the international standards for sport set by the Olympic Movement.

"Should we proceed with a U.S. bid for the 2016 Games, choosing between these two high-quality candidates will not be easy," the statement said.

"The citizens of San Francisco should be extremely proud of this dedicated group, starting with their mayor, Mayor Gavin Newsom," said the statement.

Mayor Newsom's belief in the life-changing values of Olympic sport, along with his vision for the future of San Francisco, were the hallmarks of the San Francisco 2016 bid.

Throughout every phase of the evaluation process, the San Francisco 2016 Bid Committee, under the direction of Scott Givens, conducted itself with professionalism and honor, according to the statement.

"Their commitment to the Olympic Movement is admirable, and while they will no longer be a part of the 2016 evaluation process, the USOC will find ways to continue working with this group to bring Olympic and Paralympic sport to San Francisco," the statement noted.