Although the Underworld Olympics began in the previous issue, Batman 273 (March 1976) was the first issue I had of the story arc. Reed and Chan are joined by Frank McLaughlin on this issue.
Russia gets included in the European team, who are given a strange assignment as their part of the competition. They must steal a cannon, cut it into pieces, conceal those in a bank’s safe deposit boxes, and then break into the bank, put the cannon back together, and fire a shell at the spot it was stolen from.
Batman gets involved in this one when the bank gets robbed by other thieves, and two of the team’s safe deposit boxes are stolen. So they have to find the thieves, and wind up facing Batman, who is also pursuing them. Batman begins to put together the assignment, although cannot fathom the purpose behind such a complicated endeavour.
And so the second issue resolves much the way the first did. Batman captures the European team, but is no closer to the man running the Underworld Olympics, or even guessing that such a thing is taking place.
The story continues in the next issue.