Spanish Olympic chief vows not to overshoot budget

Spanish Olympic Committee (COE) President Alejandro Blanco says that Madrid 2020 will not spend a single euro more to host the summer Olympics because that was their commitment.

"That is an inviolable commitment," Blanco said.

"It works out to 1.5 billion euros ($2.004 billion) between the City Hall of Madrid, regional government and central government for seven years, which is 50 million a year from each institution," explained Blanco, reports Xinhua.

If more resources are needed, they will come from private capital.

Spain faces a serious economic crisis and Madrid 2020 bid does not waste money, but with fewer resources and using their own strategies they aim to gain the trust of the members of the International Olympic Committee (IOC).

Blanco has just arrived from Asia and will travel to South America where he will attend the World Judo Championships in Brazil. Then he will go to Buenos Aires, where Madrid 2020 future will be decided Sep 7.

"In Lausanne we resolved all doubts about our economy, but we have noticed that this month they are talking about economy again," he explained, adding "we will have to revise this issue again".

But Blanco is optimistic because recent data are positive.

"Unemployment figures are improving, tourism is growing and the risk premium is at the lowest level in recent years," he said.

Blanco believes they are ready for Sep 7, when 10 members of Madrid 2020 bid will present the project accompanied by a video in which important Spanish sports personalities will appear.

Members of the Spanish football team Iniesta and Casillas, along with the coach Del Bosque, are taking part in this video, in which Real Madrid's Cristiano Ronaldo is also there.

Blanco expects the four-time world player Messi to feature in the video, supporting Madrid 2020.