A decision not to host the Tour de France in London in 2017 by mayor Boris Johnson and Transport for London is "incredibly disappointing", the leader of Waltham Forest council has said.

After beating rival bids from Edinburgh and Manchester, the capital turned down the chance to host the prestigious cycling race, a day before contracts were due to be signed, as the estimated £35m cost did not represent good value for money.

This was further backed up by Boris Johnson, who admitted it was a "painful decision" but it was a "no brainer" as he believed the money could be better spent on infrastructure projects rather than a one-off event.

It would have been a decade sine London first hosted the Grand Depart in 2007 and three years after the third stage passed through the streets of Waltham Forest, Redbridge and Epping.

Councillor Chris Robbins took full advantage of last year's race through the borough by lining the streets with flags, banners, French-themed entertainment and big-screens.

Speaking about the recent decision, he said: "I’m incredibly disappointed by TfL’s decision not to have London stage the Tour de France Grand Depart in 2017.

"Dismissing this opportunity seems particularly odd given the undeniable success stories we saw when the Grand Depart and the finish of the Tour's third stage took place in the capital in 2007 and 2014 respectively.

"Not only are residents and fellow Londoners now going to miss out on the thrill and excitement that comes with hosting this world-class event, we’ve also lost a perfect platform from which to encourage more residents to get on their bikes and use cycling to become fitter and healthier."