A meeting will be held in the next few days about Glasgow’s bid to host the 2026 Commonwealth Games.

The Scottish government and the president of Commonwealth Games Australia are expected to discuss the proposal within 72 hours.

Australian authorities have promised “a multi-million pound investment” to help finalise Glasgow’s offer to rescue the 2026 Games.

It comes after the Australian state of Victoria withdrew as hosts last year due to rising costs.

Glasgow hosted the Games in 2014, but the 2026 event would be scaled down after years of difficulty for the competition.

It would feature between 10-13 sports, compared to 18 in 2014.

Earlier this week, it emerged that the UK government offered £2.3m to help cover safety and security costs associated with the privately-funded event, but asked the Scottish government to match that figure.

However, Holyrood politicians remain concerned by what cabinet minister Neil Gray called the “reputational risk and financial risk” of the bid.

Gray stressed that this would not be a replica of the 2014 games.

“This is a smaller version, with fewer sports over fewer sites, so therefore there is a reputation risk as well as financial risk,” he said.

Commonwealth Games Australia have offered to bridge any shortfall.

They have told both their Scottish counterparts and the Scottish government that they are prepared to invest some of the compensation they received when the Australian state of Victoria cancelled its plans.

Commonwealth Games Australia’s president, Ben Houston, said: “We appreciate that the model is different and that that creates perceived financial and reputational challenges, but we have every confidence in the model.”

Commonwealth Games Scotland – who are behind the Glasgow bid – have already welcomed the offer.

In a statement released earlier this week they said the Australians’ “willingness to invest, to further alleviate concerns of perceived financial and reputational risk, shows the high regard on which our cost-effective proposal is held within the global sport and events community.”

To save money only four venues would be used – including Scotstoun Stadium and the Tollcross International Swimming Centre.

However, Glasgow City Council is currently trying to manage budget cuts, raising questions over whether there is an appetite among people in the city to host the event again.