Chaired by former police chief Rick Hanson, the CBEC gave an update on their work to Calgary's City Council as they continue to mull over a possible bid.

The CBEC presented their research to provide the Council with information to determine if the bid is feasible.

They claimed the Games could secure revenues of CAN$2.2 billion (£1.3 billion/$1.6 billion/€1.4 billion) from tickets and sponsorship, as well as the contribution from the International Olympic Committee (IOC).

It was estimated that operating costs could exceed the operating revenues for the Games by CAN$425 million (£253 million/$321 million/€287 million).

An earmarked CAN$460 million (£273 million/$347 million/€311 million) would be required for accommodation, according to the Calgary Herald.  

In addition, CAN$450 million (£268 million/$340 million/€304 million) would be needed for facilities and CAN$610 million (£363 million/$461 million/€413 million) would need to be found for security.

The overall cost of CAN$4.6 billion would be less than the Vancouver 2010 Winter Olympics, when Canada last staged the Games.

Vancouver 2010 was estimated to have cost CAN$7.7 billion (£4.6 billion/$5.8 billion/€5.2 billion).

The CEBC have suggested Provincial and Federal Government funding would need to be secured.

Two new venues would be required to stage the Games, according to the CBEC, with the currently proposed Victoria Park Event Centre earmarked to host ice hockey.

The second new venue, Fieldhouse, would host curling competitions.

Facilities from the Calgary 1988 Olympic Games would be reused should they host in 2026, with the Saddledome proposed for figure skating and short track.

It would be located in the stampede cluster, which would also include a grandstand for medal ceremonies and the International Broadcast and Main Press Centres.

The Calgary Olympic Oval would host speed skating, while the existing sliding centre would stage bobsleigh, skeleton and luge.

Lake Louise would stage Alpine skiing events under the proposed plans, with Canmore Nordic and Nakiska also earmarked to host competitions.

"We applaud CBEC for its thorough work on this report and the clear framework it provides to the City of Calgary as it continues to assess the feasibility and economic impact of an Olympic bid," said Christopher Overholt, Canadian Olympic Committee chief executive.

"We are pleased to see high levels of public support for the bid fuelled by the overwhelmingly positive legacy of the 1988 Games that helped cement Calgary as a global leader in winter sport.

"As CBEC works toward its final recommendations, we remain committed to working with the public and stakeholders at all levels to determine whether the right conditions exist for a 2026 bid to become a reality, for Calgary and for Canada."

A CBEC survey revealed nearly two thirds of the 1,949 respondents were in favour of the city's potential bid for the 2026 Games.

The survey, conducted by research consulting firm Stone-Olafson, asked people from Calgary, Canmore, Banff and Cochrane whether they would support an effort to bring the Games back to the Canadian city.

Thirty-two per cent of those surveyed said they "strongly supported" a bid, while the same number "support" Calgary possibly entering the race for the 2026 event.

A total of 17 per cent were opposed, eight per cent of which were "strongly" against the idea.

Four per cent said they were not sure and 15 per cent responded that they were indifferent.

The CBEC are due to publish a full report on July 24, although a decision could be made later.

The IOC Executive Board last week unveiled plans to change the candidature process for the 2026 Winter Olympics and all other editions of the event going forward.

IOC President Thomas Bach promised they would be more "proactive" in supporting cities considering bidding and proposed reducing the candidature period from two years to one.

The IOC will "customise" its approach to the needs of the cities "in order to develop together the best value proposition for the cities and the Games".

Responding to the CBEC's draft budget, the IOC expressed their belief that significant savings could be made if the city decided to bid for the Games.

The IOC confirmed they had been exchanging information with National Olympic Committees and cities for some time, including Calgary, to help them better appreciate the scope and scale of a Winter Olympics.

“While we have not seen the detail of Calgary’s draft budget, we remain confident that by working together to refine operational planning, that opportunities exist for significant savings," an IOC spokesperson said.

“We understand that Calgary’s estimated budget has been modelled on the experience of Vancouver 2010, and did not benefit from the new approach of organising the Games, which emphasises efficiencies and sustainability in the context of a city’s long-term planning as a part of the Olympic Agenda 2020 framework.

“The benefits of this approach can be seen in the over $2 billion (£1.6 billion/€1.8 million) savings made on the Tokyo 2020 revised construction budget, as well as the operational budget of Beijing 2022, which currently sits at $1.6 billion (£1.2 billion/€1.4 million).

“In addition, a working group composed of winter sports specialists and International Federation experts are looking into ways of reducing the operational budget of the Olympic Winter Games.

“These efforts could not be taken into consideration by the Calgary team in their deliberations, but they will certainly result in a positive impact on Calgary’s budget.

“We look forward to continuing to work with the Committee as it refines its project.”

Kazakh city Almaty could be among the candidates for the 2026 race, along with Erzurum in Turkey.

Sion has already been confirmed as the Swiss candidate for the Games, but could face the challenge of a referendum.

Austrian city Innsbruck, which hosted the Winter Olympics in 1964 and 1976, is also considering bidding.

Stockholm's potential bid is hanging by a thread after the city's politicians shelved plans to enter the 2026 race, but Japanese city Sapporo.