Despite facing financial difficulties, Spain is determined to secure the hosting rights for the 2020 Olympic Games. Madrid, having previously finished third in the bidding for the 2012 Olympics behind London and Paris, and a finalist against Rio for the 2016 Games, is eager to win this new bid.
Alejandro Blanco, the head of the Spanish Olympic committee and the Madrid bid, emphasized their commitment to a modest budget for the Olympics, symbolizing a return to the simplicity of the Games. Madrid takes pride in having 85% of the sports infrastructure already in place from their previous candidacy for the 2016 Olympics.
In the event of a successful bid against Istanbul and Tokyo in the September 2013 election in Buenos Aires, Madrid plans to spend 1.25 billion euros until 2020 to host the Games. This budget is significantly lower than the approximately 10 billion euros invested by London for the 2012 Olympics but is still substantial for a country facing economic challenges and on the brink of bankruptcy. Madrid aims to showcase its ability to host the Games efficiently and economically.
