SYDNEY, Aug 19 (Reuters) - Australia's Victoria state will pay A$380 million ($243 million) to Commonwealth Games organisers, Victoria Premier Daniel Andrews said on Saturday, after it withdrew as 2026 event host citing a projected cost blowout. In a joint statement issued by Andrews on Saturday, the Commonwealth Games Federation, Commonwealth Games Federation Partnerships, Commonwealth Games Australia and Victoria said they had "settled all their disputes regarding the cancellation of the multi-hub regional Victoria 2026 Commonwealth Games". "The State of Victoria has agreed to pay the Commonwealth Games parties ... AUD $380 million," the statement said. "The parties also agreed that the multi-hub regional model was more expensive to host than the traditional models." ($1 = 1.5620 Australian dollars)Reporting by Sam McKeith in Sydney; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

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Persons: Victoria Premier Daniel Andrews, Andrews, Victoria, Sam McKeith, Sonali Paul Organizations: SYDNEY, Commonwealth Games, Victoria Premier, Victoria, Commonwealth Games Federation, Commonwealth Games Federation Partnerships, Commonwealth Games Australia, Thomson Locations: Victoria, Alberta, Sydney