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It’s official: Toronto will not bid for the 2024 Olympics. Hosting the event could have cost as much as $7 billion. But John Tory isn’t ruling out trying to bag other big events in the future.

Rumours had been swirling of a lack of firm support from the province and lukewarm enthusiasm from potential sponsors. The bidding alone was estimated to cost Toronto between $50 and 60 million.

“I have no doubt that the Olympic games is a significant opportunity that would put the eyes of the world on Toronto. I love this city and I would love nothing more than to show the rest of the world our spirit, our people, our strength, our values, the way we live together — these are important things to me. And I believe that one day Toronto will be a great venue for the Olympic games. But not in 2024.”

“Let me be clear, I am not saying ‘no’ to the Olympics, I am saying ‘not this time’.”

Toronto made two unsuccessful bids for the games – in 1996 and in 2008 – and Tory says he didn’t want to lead a third failed attempt.