09/14/2015 08:57 EDT | Updated 09/15/2015 12:59 EDT

Toronto's Summer Olympics Bid For 2024 Will Not Happen

Toronto's mayor has opted not to bid on the 2024 Summer Olympics.

A lack of interest from the private sector and no "firm support" from the provincial government were two factors that helped Mayor John Tory decide not to enter the bidding process, The Toronto Star reported Monday.

On Tuesday morning, Tory said that the city won't be entering a bid for the 2024 Olympics. "Not this time," he said, noting that Toronto is a world-class city and that he wouldn't rule out a future bid. He had until Tuesday to submit a letter of interest to the International Olympic Committee to register as a potential candidate to host the Games.

On Monday, sources told the Toronto Star that Tory has spent weeks thinking about a potential bid, which he felt should be mostly financed by private sponsors.

A lack of support from corporations and the province, an ongoing federal election, and the very recent closing of the 2015 Pan Am and ParaPan Am Games have also dashed hopes for a Summer Games.

The bidding process alone might have cost as much as $60 million, the Star reported.

The National Post also spoke to a source who said Tory is unlikely to push forward with a bid, and that he has run into opposition from councillors on either side of the political spectrum.

There were only a few council members who supported the idea, the newspaper said.

Other cities bidding for the Games include Paris, Budapest, Rome, Hamburg and Los Angeles, according to Reuters.

Toronto has tried to host the Olympics five times, the news agency said.

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