Australia could once again host the Olympics Games after Brisbane was named as the International Olympics Committee's preferred location for the 2032 Games.
It's reported the Queensland capital was crowned the official host city over the likes of Doha, Budapest, Istanbul, Jakarta, New Delhi and St Petersburg.
The IOC's president Thomas Bach announced the news during a press conference in Switzerland.
"We have unanimously after a very intense discussion approved this recommendation," Bach said.
"The commission based on this decision will start more detailed discussions with the Brisbane 2032 committee and the Australian Olympic Committee about their potential to host the Olympic Games 2032."
While the decision isn't 100 per cent finalised, Australian Olympic Committee President John Coates told 2GB that the city was now the sole contender and had been considered to host the event for a long time.
"Yeah - not bad eh!" Coates told Sydney radio 2GB on Thursday.
He added that Brisbane will go through some formalities before the IOC makes the official host city announcement by 2024.
"We attempt to go through some formal processes now and then go back to the IOC and they can put it to a full vote of the session where we will be the only candidate," Coates said.
"The operating costs for these games is about $4.5 billion. The IOC contributes $2.5 billion.
"One billion you would get in ticketing and one billion in national sponsorship. These games break even."
When asked if Brisbane would outshine the 2000 Olympics Games in which Sydney hosted, Coates remained diplomatic.
"Every Games is different," he said. "And the important thing is it's going to be a great stimulus for this city, this country, this state and a wonderful stimulus for sport.
"All the kids out there have now got to get into sport and so they're dreaming of being an Olympian in '32."
Back in December, Queensland Premier Annastacia Palaszczuk was hopeful Brisbane could come out as a winner.
"We were able to discuss getting our Olympic task force, or working group, back together... to look at the next stages that we have to go through," she said at the time.
If Brisbane successfully nabs the bid to host the Olympics, it would be the third Australian city to host the Games after Melbourne held the prestigious event in 1956 and later Sydney in 2000.
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