There will be NO Toronto Olympics!
The Mayor of Toronto has said NO to hosting the 2024 Olympic Games in Toronto. This is an important show of fiscal responsibility and restraint.
Olympic Games are notorious for taxpayer funded government involvement. All three levels of government in Ontario would have to be involved if a bid for these game were to proceed. The cost of such a bid would have been $50 to $60 million, and that money would have been lost if the bid was unsuccessful. The ultimate cost of the games would have been in the billions of dollars.
Final costs for the recent Toronto Pan Am Games have yet to be announced. We expect that the cost of that event did not justify the expense to taxpayers, but that remains to be seen.
Experience shows that former Olympic host cities around the world have been left with under used olympic-sized infrastructure along with huge debt due to cost over-runs. In Canada, the most notorious of these was the 1976 Montreal Olympics and the "big owe."
Major sports and other events, including the construction of major infrastructure are best accomplished by the for profit, private sector. Ontario Libertarians would support such projects.