The B.C. government has decided not to support a bid for Victoria to host the 2022 Commonweath Games

In a statement released Thursday afternoon, Finance Minister Carole James said the decision was based on money.

"While we appreciate the energy and passion of the bid committee, we cannot make a commitment to support the bid through direct funding, nor can we provide a financial shortfall guarantee," she said.

Green Party Leader Andrew Weaver echoed James' decision.

"I think it's just not a priority for British Columbia right now to invest taxpayers money while we have so many issues facing us," he said.

Bid would have cost B.C. $400-million plus

The Victoria bid committee proposal included $400 million from both the provincial and the federal government.

In addition, the provincial government was asked to provide a guarantee that it would cover any cost overruns.

James said the details provided last week by the bid committee left too many unknowns to fully understand the costs and risks of hosting the games.

"Our government was elected with a very clear set of priorities. Those priorities are helping communities impacted by the wildfires and those suffering from the opioid crisis," she said.

Bid committee disappointed 

David Black, chair of the bid committee, reacted with disappointment, saying it would have been a good opportunity for Victoria.

"We have to have the province, and if the province can't get there because of timing and worries about their own budget. — so be it." he said.

The Commonwealth Games Foundation is under a tight timeline to find a new host for the 2022 Games after Durban South Africa pulled out over financial issues.

James said the province would be open to hosting the games again in the future, when there's more time to prepare a bid that ensures taxpayers are protected from the risks.