Toronto has just under two weeks to decide if it's going to start vying for the 2024 summer Olympics. If the city says yes, Mayor John Tory wants to seek private sector funding to help cover the cost of a bid, which could run between $50-$60 million.

None of the city's budget committee members currently support a bid, as revealed after yesterday's budgetary meeting. Some councillors are wary of spending tens of millions of dollars on an opportunity that may never pan out.

According to the Star, Los Angeles (which is expected to formally submit its bid soon), amassed $35 million in private funding for its bid. Other cities already in the running include Hamburg, Rome, Paris and Budapest.

Toronto has until September 15 to submit a letter to the International Olympic Committee if it plans to follow through with a bid. Tory says city council will ultimately vote on the final decision.

Do you think Toronto should follow through with a bid? Let us know in the comments.

Photo by Ernie Kwong in the blogTO Flickr pool