Wakefield Council could spend up to £300,000 on hosting a stage of the Tour de Yorkshire for a second time.
The council’s cabinet members agreed to bid to host the event at a meeting on Tuesday.
If successful, cabinet members also agreed the council would be willing to spend up to £300,000 to hold the event.
Around 20,000 people turned out as the inaugural race passed through the streets of Wakefield and Sandal in May.
Coun Les Shaw, cabinet member for culture, leisure and sport, said: “Following on from the huge success of this year’s Tour de Yorkshire in Wakefield we have submitted an interest to host the start or a finish of a stage.
“However, we are still waiting for confirmation from Welcome To Yorkshire.
“If necessary, we would then explore all avenues available to us to fund the hosting of the race.”
Coun Olivia Rowley, cabinet member for children and young people, told the meeting: “Last year was a fantastic event.
“Not only did it really excite people, it also benefitted a lot of establishments. People came to Wakefield and spent money and that’s the whole idea behind it.”
Crowds gathered in Wakefield city centre to watch the 4km neutralised, or ceremonial, start, in front of Wakefield Cathedral, in May. The riders then hurtled to the official start line by Castle Grove Park on Barnsley Road, and close to Agbrigg Road, where the crowds were standing at least four deep.
The cyclists, including Tour de France winner Sir Bradley Wiggins and two time Olympic medallist Ed Clancy from Huddersfield, passed Castle Grove Park, Manygates Centre, Sandal Castle and Newmillerdam before leaving the district at Woolley.
Council leader Peter Box said: “I have spoken to a lot of people and businesses across the district who have all said this year’s race benefited business a lot.
“We know times are tough but we think it would actually be a really good investment for our district.
“Events like this bring everyone together and all of those people are spending money in shops, hotels, restaurants and cafes.”