Momentum Mozgalom has put together a campaign entitled "NOlimpia", which needs to gather a total of 138,000 signatures within 30 days in order for a referendum to be held against the bid.

Financed by membership fees and micro-donations, the campaign will ask the question: "Do you agree that the Municipality of Budapest should withdraw its bid from the organisation of the 2024 Summer Olympic and Paralympic Games?"

András Fekete-Győr, the chairman of Momentum Mozgalom which opposes the regime of Prime Minister Viktor Orbán, told Hungarian language website Index.hu it cannot rule out the possibility of forming a political party in the long term.

He claims the organisation is made up of roughly 140 volunteers, who will be collecting signatures at 20 to 25 stands around the city, and will also go door-to-door.

Fekete-Győr said Momentum Mozgalom is independent of any parties.

Having aspirations of organising the 2024 Games without holding a referendum has been described as "entirely nonsensical" by Anna Orosz, another leading member of Momentum Mozgalom, which believes the money would be better spent on education, healthcare, housing, living standards and transport.

The NOlimpia campaign comes on the back of the Hungarian Supreme Court's decision to reject a plan to hold a national referendum on Budapest’s bid last month. 

The Curia upheld a ruling from the National Election Committee, dealing a blow to the pursuit to stage a countrywide vote on the Hungarian capital's candidacy for the event.

Investigative journalist Katalin Erdélyi was hoping to ask Hungarian citizens a question which was determined to be "misleading and unclear".

Residents could have been asked: "Do you agree that the Budapest Municipality should withdraw its application to host the Olympic and Paralympic Games in 2024?"

Erdélyi had appealed the initial National Election Committee decision after they ruled against her in October.

They voted 9-2 in favour of not holding a nationwide referendum and the journalist’s chances were further hampered after she was forced to abandon an attempt to hold a citywide vote in Budapest.

This decision was made for "multiple reasons", including the fact that the referendum would give voters a "false impression" that the withdrawal of the law on staging the Olympics would also lead to Budapest 2024’s efforts being scrapped.

Los Angeles and Paris are also in the running for the 2024 Games, with Rome's effort currently suspended.

German city Hamburg had launched a bid but withdrew after a referendum defeat on November 29, 2015.

The International Olympic Committee will elect its chosen host city at its Session in Peru's capital Lima on September 13.

A Budapest 2024 spokesman told insidethegames the Bid Committee is confident there will be "no obstacles" with regard to the bid, even if there is a referendum.