Toronto will not submit a bid for the 2024 Olympics, according to a report in the Toronto Star ahead of Mayor John Tory's scheduled formal announcement tomorrow morning.

In the days following the Pan Am Games, it seemed like the success of that event had Toronto's municipal leaders revved up to try to go after the big fish, but tonight it sounds like mayor and his advisors determined that the risks outweighed the rewards.

Members of the city's budget committee cited low hopes of submitting the winning bid and warned against the potential negative financial impact of hosting the Games in late August, which seemed to take the wind out of the sails of those who initially supported a bid.

Toronto has, of course, gone after the Olympics on five separate occasions, each time coming up short. That track record no doubt gave John Tory pause when contemplating a sixth try.

Are you relieved Toronto will not go after the Olympics? Let us know in the comments.

Photo by Harvey K