Toronto Olympic bid would cost at least $50M

(Michael Peake/Toronto Sun/QMI Agency)

(Michael Peake/Toronto Sun/QMI Agency)

Don Peat, QMI Agency

, Last Updated: 8:34 PM ET

TORONTO - The future of Toronto’s 2024 Olympic bid might be a long shot with some councillors balking at the idea of spending $1 million to keep studying the idea and at least $50 million to mount a bid.

A report going to the city’s economic development committee next Monday gives councillors the choice to either push ahead on studying a bid for the summer Olympics — at a cost of around $1 million — or to abandon the idea entirely. But staff warn that a formal bid will cost the city between $50 million and $60 million and the net cost for Toronto to host the 2024 Olympic Summer Games would range from $3.3 billion to $6.9 billion.

Mayor Rob Ford wasn’t ready to commit to footing the bill for just the $1 million in further study on Tuesday.

“I want to concentrate on the Pan Am Games, I think we’re cleaning up the Pan Am Games quite a bit from where it was,” Ford said. “I think we have to do the Pan Am Games first but right now I’m a little skeptical about putting in a million dollars after I saw our failure for our last Olympic bid.

“If you were to ask me right now, today, I’d say no.”


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