When rumours about Durban's ability to host the Games first emerged, the city of Liverpool said it would be willing to take over.
The Department of Sports and Recreation on Monday said it would hold a media briefing in response to the recent announcement that Durban had lost the hosting rights to the 2022 Commonwealth Games.
Gideon Sam, president of the South African Olympic committee, told Reuters: "This is a huge disappointment for us and for the whole African continent but without the necessary government guarantees, we couldn't move on".
The CGF executive board was holding a scheduled meeting in London on Monday with the future of the 2022 Games on the agenda.
A decision on finding a new host for the 2022 Commonwealth Games is a matter of urgency says the head of the New Zealand Olympic Committee Kereyn Smith.
These financial considerations led Sports Minister Fikile Mbalula to note that it "doesn't look good" for Durban's chances to host the Games.
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The Commonwealth Games first took place in 1930.
It's a major embarrassment for South Africa, with Durban's successful bid initially hailed as historic as the first time an African city would host an global multi-sport event.
The 2018 games will be held in Sydney, Australia, with the countdown officially being set off today at Buckingham Palace.
Durban was awarded the Games in 2015, after preferred option Edmonton, in Canada, pulled out after local opposition.
Liverpool mayor Joe Anderson said last month: "I have written to Tracey Crouch [the UK's secretary of state for sport] and assured her that we would be ready for that date".