Toronto will not bid for 2024 Olympics

The city of Toronto will not bid for the 2024 summer Olympics.

‘‘Toronto’s chance of winning a 2024 Olympics is next to none,’’ says Coun. Kristyn Wong-Tam (Ward 27 Toronto Centre-Rosedale).

The city’s economic development committee voted unanimously to defer the item indefinitely on Monday. The consultant report by Ernst & Young Inc. won’t be brought before city council for consideration.

John F. Barret, partner and senior vice president transaction advisory services of Ernst & Young, outlined some of the obstacles for a successful Toronto bid.

‘‘[The] summer games have not been out of Europe more than 12 years. So every 12 years it tends to go back to Europe,’’ says Barret.

London hosted the summer games two years ago. The 2016 Olympics will be held in Rio and Tokyo will host the games in 2020.

‘‘The U.S. Olympic committee is gearing up for [a] 2024 bid. They are very interested in a bid,’’ says Barret.

According to the consultant report, hosting the Olympic games would cost the city somewhere in the range of $3.3 to $6.3 billion. The cost for the bid itself would have likely landed around $50 to $60 million, the report says.

The next step would have involved a $1 million detailed pre-bid analysis.

Economic Development Committee/Adam Jonsson

Coun. Ana Bailão (Ward 18 Davenport) says the report from Ernst & Young outlines the slim possibilities for Toronto to host the 2024 summer games.

‘‘It’s clear that we don’t have much of a shot at the Olympics,’’ says Bailão.

Deputy Mayor Norm Kelly says now is not the time to consider an Olympic bid.

‘‘It takes our eye off the ball. We have significant major challenges for the immediate future; gridlock, infrastructure, the preparation we have to do for climate change,’’ says Kelly.

No one showed up to speak in favour of the bid.