Story highlights Durban was originally awarded the Games

South African city later lost right to host event

Birmingham beat Liverpool to be British candidate city

(CNN) Birmingham has been officially named the host city for the 2022 Commonwealth Games.

The £750 million ($1 billion) showpiece will be the most expensive sporting event held in Britain since the 2012 London Olympics -- which cost a reported £8 billion ($11 billion).

Birmingham, which is about 126 miles from London, was the only city to submit a bid before the original deadline on September 30, though it was deemed "not fully compliant" by the Commonwealth Games Federation (CGF).

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