Madrid set to launch third attempt to host Olympics

Madrid Mayor Alberto Ruiz-Gallardón and the leader of the Socialist group in City Hall, Jaime Lissavetzky, have called a press conference for midday Wednesday during which, according to municipal sources, a joint proposition will be presented announcing the city's bid to host the 2020 Olympic Games.

Madrid was a candidate in the race for both the 2012 Games, which were awarded to London, and the 2016 Games, in which the Spanish capital lost out in the final round of voting to Rio de Janeiro. The path to a third attempt was cleared last week when the 2018 Winter Games were awarded to Pyeongchang, which was chosen over two European bids from Germany and France. The unwritten rule of continental rotation therefore facilitates a European bid for 2020.

Only Rome has so far said that it will run. But eyebrows will be raised at Madrid's decision to bid again, given the capital's crippling debt situation.