WALES will not bid to host the 2026 Commonwealth Games as a result of uncertainty around funding created by the result of last month’s referendum.

Announcing the decision today, economy and infrastructure secretary Ken Skates said the Welsh Government and various sporting bodies had been looking at the viability of hosting the event for the past four years.

But he added the total cost of putting together the bid was predicted to be between £1.32bn and £1.54bn.

“Given the high cost, our understanding that an all-Wales bid was less likely to be supported and the current funding uncertainty following the vote to leave the EU, we have reluctantly concluded that the bid for the 2026 Commonwealth Games is not feasible,” he said.

“I would stress that the work we have undertaken has not been wasted.

“It has highlighted the need for us to undertake a review of sports facilities in Wales with a view to increasing our spread of world class venues.”

But the announcement has been met with widespread disappointment.

Welsh secretary Alun Cairns said: "There are of course uncertainties about the world post-Brexit, but the economic benefits of the Commonwealth Games are vast.

“I cannot overstate the value of Wales continuing to cement an international reputation for hosting and delivering sporting and cultural events.

"Now is the time to pursue the large economic prizes for Wales with the same spirit our footballers showed in the Euro 2016 tournament.”

Chairwoman of Commonwealth Games Wales Helen Philips said she was also disappointed, but understood why the decision had been taken.

"A lot of hard work has gone into preparing what was a full and detailed review of feasibility which would have led to a compelling bid,” she said.

“Despite this decision, we hope that some of the planned benefits for the whole of Wales can still be achieved under an ‘Active Wales’ vision and that the work that has been conducted will be used to inform a bid in future cycles.”

The decision has been slammed by Plaid Cymru, with the party’s shadow economy secretary Adam Price saying the Brexit decision should act as an incentive rather than a deterrent to hosting such large-scale events.

"Hosting the Commonwealth Games ten years from now would have acted as a huge global shop window for Wales, allowing us to showcase the best of our great nation to the world,” he said.

And Plaid’s shadow health secretary Rhun ap Iorwerth called it “a major own goal”.

"Hosting the Games wouldn't have just provided us with a chance to boost the economy - it would have allowed us to make major strides in supporting sporting ventures in our communities too,” he said.

Mr Skates also said the Welsh Government remained committed to increasing levels of physical activity across the country and a number of other high-profile sporting events, such as the 2017 Champions League final, were already coming to Wales.