The provincial government says it will contribute $700M towards Calgary's bid to host the 2026 Winter Olympic and Paralympic Games.

The details of the funding grant came in a letter to Mayor Naheed Nenshi and the Minister of Science and Sport Kristy Duncan.

However, there are some conditions connected to the funding announcement. The province wants to see more transparency and a majority support of Calgarians.

The letter also states that the provincial government will not cover the costs of any revenue shortfalls or cost overruns.

Ceci, speaking at the McDougall Centre in Calgary on Friday, said the figure came from months of discussions between all orders of government.

"We have been clear that in advance of 30 days to the plebiscite that we would come out with the amount of money that we could contribute to the Games and that $700M is based on our review of what's estimated to make the Games happen."

He says that the funding will get a lot of the project done and they will look to the other orders of government to address and possible issues of cost overruns.

"I'm confident that the other orders of government will look at that and see it as a significant investment in the province that will attract all kinds of economic activity and investment from other sources and, ultimately, it's a good investment."

Mayor Nenshi says the municipal government says they are pleased the province has come forward with the investment of $700M.

"We have to analyze this announcement, while continuing our conversations with the Government of Canada. We imagine there will be more to say about The City and Federal government contributions in the next few days.”

The Calgary 2026 committee says that the announcement of funding demostrates solid progress and support for the Games.

"We are also pleased our other government partners – the City of Calgary and the federal government – continue to move forward with their discussions and negotiations. We will continue to offer out support, where needed. We remain focused on informing and engaging with Calgarians and many others as we answer questions and concerns, and talk about how the community can help us shape the Games together.”

A plebiscite vote will be held in Calgary on November 13 to gauge the public's opinion of hosting the event.

You can read Minister Ceci's letter below: