02/10/2015 08:21 EST | Updated 04/12/2015 05:59 EDT

Edmonton Drops Commonwealth Games Bid Plan

EDMONTON - Edmonton has dropped its plans to bid for the 2022 Commonwealth Games because of a worsening local economy and the cost of staging the Olympic-style event.

The City of Edmonton, the Edmonton 2022 Bid Committee and Commonwealth Games Canada released a statement Tuesday saying they will instead focus on a bid for the 2026 Commonwealth Games

The statement said the Alberta provincial government has had its finances significantly affected by a drop in world oil prices since Edmonton announced its intention to bid.

Bid Chairman Reg Milley was quoted as saying; "In light of this, we determined that we could not in good conscious put forth our bid for the 2022 Commonwealth Games."

The Commonwealth Games is a multi-sports event for athletes from countries that formed the former British Empire.

Also on HuffPost

Photo gallery Glasgow 2014: Commonwealth Games Closing Ceremony See Gallery