David Black, chairman of the Victoria 2022 Bid Committee, announced that it would cost CAD$955 million (£586 million/$755 million/€643 million) to host the event.

The estimate is based on a contribution of CAD$400 million (£245 million/$316 million€269 million) from the Canadian Government plus security costs and another CAD$400 million from British Columbia.

It is also budgeting on receiving a further CAD$25 million (£15 million/$20 million/€17 million) from local councils in funding.

The Province would also have to underwrite the cost of the Games in case of over-runs. 

"We have a rock solid bid now that we can put forward," Black, a businessman and owner of Canada's largest private publisher Black Press, told CBC.

Black claimed that Victoria hosting the Commonwealth Games as a replacement for Durban, stripped of the event in March following a failure to meet a series of financial deadlines, would help bring much needed infrastructure improvements to the region.

This included new housing that would be built for the Athletes' Village. 

"These Games are really a catalyst to solve this housing problem for us," said Black. 

Victoria was the last Canadian city to host the Commonwealth Games in 1994 and Black claimed the city is still benefiting from that event.

"Before 1994, we had no national teams training here, and we were not getting an awful lot of competitions here, even though we have the best weather in Canada," he said.

"After the Games we've got eight national teams training here and we get a ton of competitions."

British Columbia Finance Minister Carole James admitted she had her doubts about the bid. 

"There are a number of red flags," she told The Canadian Press. 

"One of them being that, in fact, the Province would have to take the liability on.

"So any kind of cost over-runs would be the responsibility of the Province.

"And that's a big concern."

Black is confident, though, that he can convince James to back the bid from Victoria. 

"Her job is to say no," said Black.

"We have to convince her. 

"It is not going to be easy.

"We're asking B.C. for CAD$400 million plus the overrun guarantee that is required.

"That's always required. 

"It's always done by the Province.

"Obviously one of Carole James points will be, she'll look me in the eye and say, 'David, prove to me that there'll never be an over-run'. 

"And I'll be able to do that."

The budget in the business plan includes CAD$42 million (£26 million/$33 million/€28 million) for a new stadium, CAD$30 million (£18 million/$24 million/€20 million) for a new arena, CAD$30 million for a new field house and CAD$60 million (£36 million/$48 million/€40 million) for the Athletes’ Village in Langford.

James is also concerned that with only four years left to get everything ready there may not be sufficient time to do proper planning. 

"Because it was taken away from another country that was going to do it, you’re now compressed into about four years which is a very short timeline to look at venues, to make sure that the dollars are looked at wisely," she said. 

Black, though, is convinced he can persuade James.

"We have a very workable plan," he told The Times Colonist. 

"And the benefits to Victoria of the 2022 Games would be huge. 

"They are a secondary set of Games but they are still important, taking in one-third of the world population. 

"Gold Coast expects a viewing audience of 1.5 billion. 

"We will get above that because our Games plans will play to the internet, as well, with cameras 24/7 on each venue."

A potential black mark against Victoria's bid is a proposal to hold some sports in Vancouver, including badminton, rugby sevens and table tennis.

It takes approximately four hours to get from Victoria on Vancouver Island to the centre of Vancouver via car and ferry.

Black also admitted that Victoria 2022 may need to ask the Commonwealth Games Federation for an extension of the deadline of September 30 to submit bid documents.

"Timing is the biggest challenge," he told The Times Colonist.

"But we have plans in place.

"I think the other bidding cities would be delighted [with an extension], because they probably need one, too."

Kuala Lumpur, the Malaysian capital which hosted the Commonwealth Games in 1998, may also ask for an extension but Birmingham and Liverpool, the two cities from England interested in bidding, are expected to meet the deadline.