Edmontonians will host next year's International Triathlon Union Grand Final at Hawrelak Park.

"We're quite quickly becoming known as Canada's triathlon city and quickly building a reputation as one of the world's top triathlon cities," said Coun. Jane Batty.

The Edmonton Triathlon Academy presented the city's bid in Madrid, Spain on the weekend.

A city report estimated it would cost about $5 million to host the grand final — $2 million from Edmonton, with the rest coming from corporate sponsors and the federal and provincial governments.

Last week, Edmonton city council agreed to spend $1.23 million to bring the lake to ITU standards.

However, the man-made lake is too shallow, has a build up of sediment and a leak in the 40-year-old clay liner. It also doesn’t meet standards required by Alberta Health Services.

The event is expected to attract more than 5,000 athletes, plus coaches, families and supporters and millions of television viewers.

The grand final has 21 million viewers in 160 countries, said Sheila O'Kelly, ETA executive director.

Edmonton was asking to consider bidding for the event after San Diego backed out last fall.