Taxpayers will not have to foot the £17 million bill for Bristol to host World Cup games in 2018, councillors have pledged.

Instead local businesses could be asked to pay a third of the money that would fund 'fanfests', temporary seating and transport and marketing, by an increase in business rates.

Bristol City Council's Liberal Democrat-run cabinet officially signed off its bid to become a host city as part of the England 2018 campaign at a meeting last night.

Councillors accepted there were risks, describing the bid as a "leap of faith" and a "bit of a gamble", but felt the potential benefits were worth it.

An independent report commissioned by the Football Association estimates host city status can generate £150 million for the local economy from tourists alone.

If successful, Bristol could host at least four games if Bristol City Football Club's proposed £92 million stadium at Ashton Vale is given the go-ahead.

Council leader, Councillor Barbara Janke, said: "It is certainly not our intention that council taxpayers should take the expense of the World Cup. It is our intention to raise the money from other means.

"Many in the city feel this is a once-in-a-lifetime chance. We are ambitious for the city, we are starting to see the kind of change people have asked for over a long period."

Executive member for sport and culture, Councillor Simon Cook, said if Bristol City achieved Premier League status they would meet £8 million of the costs for extensions to their proposed stadium, reducing the council burden to £9 million.

The council would also look at other funding sources, including the National Lottery, Government grants, sponsorship and the South West Regional Development Agency.

Gary Hopkins, who is the cabinet councillor in charge of environment and community safety, suggested that because surrounding areas could benefit from Bristol becoming a host city, they should chip in.

He said: "The economic benefit will not be restricted to Bristol's boundary. We need to be speaking to our neighbours to see how they might contribute."

Mark Wright, cabinet councillor for housing, pointed out that the arrangements with FIFA were non-negotiable.

He said: "If we want the World Cup we have to sign; unfortunately we are not in a position to negotiate. FIFA has something any city in the world would want and understandably they take advantage of that. The return on the investment will be more or less tenfold, not including lasting benefits.

"It's a bit of a gamble but a lot of great opportunities often are."

Bristol will find out if its bid to become a host city has been successful on December 16, and if so the council is committed to spending £250,000 towards the FA's marketing costs and £100,000 for the council's own project team.

FIFA will announce which country hosts the 2018 and 2022 World Cup tournaments in December next year.