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It’s “now or never” for the Madrid Olympics

Apr 1, 2013, 1:59 PM EDT

DOMINIQUE FAGET/AFP/Getty Images DOMINIQUE FAGET/AFP/Getty Images

Spanish Olympic Committee head Alejandro Blanco said Monday that Madrid’s bid to host the 2020 Olympics, which will be voted on by the IOC in September, is a “now or never” proposition and that the city will not have another opportunity.

“Madrid is prepared, it really is,” he told Spanish National Television. “Istanbul and Tokyo need to invest a lot in infrastructure. Madrid does not.”

The SOC says that 28 of the 35 venues are already standing, and the cost of the Games would only be roughly $2 billion, as opposed to the estimated $4.5 billion budgeted in Tokyo, and the $19 billion for Istanbul. “If the IOC does not appreciate that, it means Olympics can only be staged in countries with a lot of money,” added Blanco.

Madrid, which is dealing with an economic crisis and record unemployment, finished third for the 2012 Games that were awarded to London and second for 2016 Games that will take place in Rio.

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