As Richard says, we took the position that we will support volunteer-led bids, but wouldn't drive one as a chapter.  There are lots of reasons why it would be great to have Wikimania in the UK, but It's not something that is vital for our future as a chapter, and it's not something that's come up as a strategic priority for our development. 

We still don't know what role Wikimedia UK would end up playing if one of the UK bids was successful and where the boundaries would lie between the bid team, the Foundation, and the Chapter. We would obviously be involved, but would need to be involved in a way which doesn't mean all our other work goes on hold for 12 months of Wikimania preparations.

Chris