Mayor: Toronto not bidding for 2024 Olympics

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TORONTO (AP) -- Mayor John Tory said Toronto will be a great venue for the Olympics one day.

Just not in 2024.

Tory said Tuesday that Canada's largest city is going to stay out of the race for the 2024 Olympics because he felt it wasn't the best use of the city's time and money right now and said "nobody was rushing forward with their checkbooks."

Tory had until Tuesday to write a letter to the International Olympic Committee to express interest.

The declared bidders for 2024 include Los Angeles, Paris, Rome, Budapest, Hungary, and Hamburg, Germany.

Toronto declining to bid is good news for Los Angeles as it becomes the only North American bidder. The winning city will be chosen in 2017.

The mayor of Canada's financial capital began researching the feasibility of a bid after Toronto hosted the Pan Am Games this past summer. Canada spent about $2.5 billion Canadian ($2 billion) to organize the Pan Am Games - the most expensive in history - and has several Olympic-style venues in place.

After an initial wave of enthusiasm for an Olympic bid, many expressed concerns about the cost.

Tory cited a lack of corporate enthusiasm for a privately financed bid and no firm support from the province of Ontario which had been focused on the Pam Am Games. He had a long conference call with the IOC on Sunday and said he consulted widely.

"I think time was against us in the context of building that kind of support you have to have from the community, including business, to make this work," Tory said.

IOC spokesman Mark Adams also blamed timing.

"We realize that time was too short for such a detailed project to get the necessary support in just a few weeks following the successful Pan Am Games. The International Olympic Committee highly appreciates what Toronto has done as it continues to work on a future candidacy," Adams told The Associated Press.

"We understand that the Canadian Olympic Committee is determined to have a Canadian candidature for the Olympic Games in the near future and they will continue to work on such a candidacy.

"The IOC appreciates this because we know about the great potential Canada has for the organization of Olympic Games."

The Canadian Olympic Committee, which had been urging Toronto to enter the race, said it respected the mayor's decision but remains optimistic Toronto could and should host a future Olympics.

"The Canadian Olympic Committee is determined to have the Olympics back in the country at the earliest opportunity," the statement said.

Quebec City is expected to bid for the 2026 Winter Games. Tory is forming an advisory group to examine the merits of bidding for a future Olympics or a soccer World Cup.

Toronto has failed twice with recent Olympic bids. It lost out to Atlanta for the 1996 Games, and to Beijing for 2008. Also etched in the country's memory are the 1976 Montreal Games, which ran up a $1.5 billion debt that took the city 30 years to pay off.

Related: Look back at Boston's failed bid for 2024:

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Boston bids for Summer Games - Olympics 2024
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Mayor: Toronto not bidding for 2024 Olympics
BOSTON - MARCH 14: A grassroots team was promoting the city's bid for the 2024 Olympics in Boston at the Reggie Lewis Track And Athletic Center, where the third Annual Got Peace? basketball tournament was held. Signatures of support cover a banner on the table that people could sign. (Photo by John Tlumacki/The Boston Globe via Getty Images)
Boston 2024 Partnership Chairman Steve Pagliuca, foreground left, and Boston Mayor Marty Walsh, right, speak to reporters Thursday, June 18, 2015, in Boston, where it was announced that TD Garden would be the site of the Olympic and Paralympic basketball finals and Olympic gymnastics and trampoline if the city wins a bid to host the 2024 games. (AP Photo/Elise Amendola)
FILE - In this Feb. 5, 2015, file photo, people in the audience hold up placards against the Olympic Games coming to Boston, during the first public forum regarding the city's 2024 Olympic bid, in Boston. While Bostonians are hesitant to host the Olympics, Americans across the country overwhelmingly support the idea of the games on home turf, according to a new Associated Press-GfK poll. The support decreases when people are asked if they would want the Olympics in their local area. It dips even further when they are asked if public funds should be used to pay for them. (AP Photo/Charles Krupa, File)
BOSTON - FEBRUARY 5: John Fish walks away from the podium after addressing the audience during an Olympic and Paralympic Bid Community Meeting at Suffolk Law School in Boston, Massachusetts February 5, 2015. (Photo by Jessica Rinaldi/The Boston Globe via Getty Images)
BOSTON - SEPTEMBER 29: A new 3D computer model which is being developed to help plan the city's bid for the 2024 Olympics shows a view of Boston with traffic in Boston, Massachusetts September 29, 2014. (Photo by Jessica Rinaldi/The Boston Globe via Getty Images)
Reporters view a video display of the sites of the potential Olympic stadium, athlete's villages and media centers during a news conference by organizers of Boston's campaign for the 2024 Summer Olympics in Boston, Wednesday, Jan. 21, 2015. The organizers released their "bid book," which will give new insight into the vision behind the Games proposal. Boston was picked by the USOC as its bid city for the 2024 Olympic Summer Games. (AP Photo/Charles Krupa)
Boston 2024 Partnership Chief Operating Officer Erin Murphy, left to right, Chief Executive Office Rich Davey, Chairman and Boston Celtics co-owner Steve Pagliuca and architect David Manfredi listen to a reporter's question during a media availability after they released the updated plans for the Olympic and Paralympic games at the Boston Convention and Exhibition Center Monday, June 29, 2015, in Boston. (AP Photo/Stephan Savoia)
Boston 2024 Chairman and Boston Celtics Co-owner Steve Pagliuca walks off the dais at the conclusion of his presentation during the release of the Boston 2024 Partnership's updated plans for the Olympic and Paralympic games at the Boston Convention and Exhibition Center, Monday, June 29, 2015, in Boston. (AP Photo/Stephan Savoia)
Boston City Council President Bill Linehan, center, listens to a presentation from Boston’s 2024 concerning their Olympics bid during a special city council committee hearing in the city council chambers at City Hall Friday, June 26, 2015, in Boston. (AP Photo/Stephan Savoia)
FILE - In this Jan. 21, 2015 file photo, shadows of organizers and reporters pass a video display screen prior to a news conference by organizers of Boston's campaign for the 2024 Summer Olympics in Boston. The city was selected in January by the United States Olympic Committee as the U.S. bid city for the games. But support has sagged in public opinion polls. Organizers of the bid have promised a statewide vote on whether to host the 2024 Summer Games, but unanswered questions remain about the referendum process. (AP Photo/Charles Krupa, File)
Boston 2024's CEO Richard Davey answers a question during a special city council committee hearing on Boston's Olympic bid in the city council chambers at City Hall Friday, June 26, 2015, in Boston. (AP Photo/Stephan Savoia)
FILE - In this Jan. 6, 2012 file photo, the Boston city skyline is illuminated at dusk as it reflects off the waters of Boston Harbor. The U.S. Olympic Committee picked Boston on Thursday, Jan. 8, 2015, as its bid city for the 2024 Summer Games. The city will be presented to the International Olympic Committee for a vote in 2017. Rome also is in the bidding, along with Hamburg or Berlin, Germany. France and Hungary also are considering bids. (AP Photo/Michael Dwyer, File)
FILE - In this Jan. 6, 2010, file photo, U.S. Olympic Committee CEO Scott Blackmun responds to questions during a news conference at the United States Olympic Training Center in Colorado Springs, Colo. The leaders of the U.S. Olympic movement will soon choose one of three roads to take on their increasingly tumultuous path toward a bid for the 2024 Olympics. Stick with Boston, pull the plug or look elsewhere, probably to Los Angeles. (AP Photo/ Ed Andrieski, File)
FILE - In this March 6, 2015, file photo, John Fish, chairman of Boston 2024, answers a councilman's question, as Boston 2024's CEO Richard Davey, center, and chief architect David Manfredi, right, listen, during the first meeting of the City Council on the city's bid to be awarded the 2024 Summer Olympics at City Hall in Boston. The leaders of the U.S. Olympic movement will soon choose one of three roads to take on their increasingly tumultuous path toward a bid for the 2024 Olympics. Stick with Boston, pull the plug or look elsewhere, probably to Los Angeles. (AP Photo/Stephan Savoia, File)
Dan O'Connell, the president of Boston 2024, gestures during a news conference by organizers of Boston's campaign for the 2024 Summer Olympics in Boston, Wednesday, Jan. 21, 2015. The organizers released their "bid book," which will give new insight into the vision behind the Games proposal. Boston was picked by the USOC as its bid city for the 2024 Olympic Summer Games. (AP Photo/Charles Krupa)
Cheri Blauwet, co-chair of the Boston 2024 Olympic and Paralympic Movement Committee, gestures as she addresses reporters during a news conference by organizers of Boston's campaign for the 2024 Summer Olympics in Boston, Wednesday, Jan. 21, 2015. The organizers released their "bid book," which will give new insight into the vision behind the Games proposal. Boston was picked by the USOC as its bid city for the 2024 Olympic Summer Games. (AP Photo/Charles Krupa)
David Manfredi, co-chair of the Boston 2024 Master Planning Committee, addresses reporters during a news conference by organizers of Boston's campaign for the 2024 Summer Olympics in Boston, Wednesday, Jan. 21, 2015. The organizers released their "bid book," which will give new insight into the vision behind the Games proposal. Boston was picked by the USOC as its bid city for the 2024 Olympic Summer Games. (AP Photo/Charles Krupa)
A supporter of the Boston Olympic bid gives a tthumbs-up in front of a group opposed to the bid, during the first public forum regarding the city's 2024 Olympics bid, in Boston on Thursday, Feb. 5, 2015, (AP Photo/Charles Krupa)
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