video transcript

The race to host the 2020 Summer Games is now a three-way battle between Istanbul, Madrid and Tokyo. The International Olympic Committee dumped Doha and Baku as candidates on Wednesday. The question of Spain and the current economic situation was not a compelling enough reason to eliminate Madrid according to the IOC executive director. (SOUNDBITE) (English) IOC EXECUTIVE DIRECTOR GILBERT FELLI SAYING: "So the risk of Madrid concerning the infrastructure to be delivered is low but it remains that Madrid needs to finance the ones that are missing and also needs to find partners to balance the budget of the organizing committee so its risks were assessed in the bid but the board believed that we could take the risk to let the bid go because we did not know how the situation will evolve in Europe and in Spain particularly." All three cities have bid before, but Istanbul, bidding for a fifth time, could finally be rewarded for its persistence. Bridging Europe and Asia, Istanbul is seen by many as an attractive choice. (SOUNDBITE) (English) YALCIN AKSOY, HEAD OF ISTANBUL 2020 BID COMMITTEE, SAYING: "I feel very good for my country. It's an historical moment and there is one Games, one city, two continents, so Istanbul really offered to the Olympic movement unbelievable possibilities, so I am very proud to be here today. We are now in the candidate phase and that will be very hard work for the future." The IOC will announce the winner next year in September. London will host the 2012 Summer Games from July 27 to August 12, while the Brazilian city of Rio de Janeiro will stage the 2016 Olympics. Sophia Soo, Reuters.