Although Madrid reached the final stage of the International Olympic Committee vote here last Friday, the Spanish capital lost out to Rio de Janeiro by 66 votes to 32 in the final vote.

Ruiz-Gallardon revealed that the expenditure was calculated from the moment the decision that Madrid would present itself as a candidate was taken in September 2006.

Madrid taxpayers contributed 16.8 million Euros (£15.4 million) of the total cost, while the rest came as a result of private sponsorship.

Ruiz-Gallardon, gave the figures and announced that the planned Olympic Village, which was to create housing after the event, will not now be built, although the land concerned will be reserved.

He claimed that, thanks to the Olympic bid, Madrid had gained greater international projection over the past three years.

Construction of the La Peineta Olympic Stadium, now half complete, will be finished, but not until the middle of 2012, when it will become the new home ground for La Liga AthleticoMadrid.

Ruiz-Gallardon was generous when asked about Rio's winning bid.

He said: "The city that won is the one that had the most merits to do so."

It was Madrid's second consecutive defeat having failed to win their bid to host the 2012 Olympics, which was won by London.

The Mayor said a decision has not yet been made on whether to bid again.

Ruiz-Gallardon said: "It is in 2011 that Madrid will decide if it can bid for the Games in 2020 or if it thinks it is better for 2024.

"I am convinced that Madrid will one day end up hosting the Games."


Related stories
October 2009: IOC ignored the best bid claims Madrid
October 2009: Rio will host 2016 Olympics
October 2009: Samaranch delivers emotional plea for Madrid 2016