Despite going in to the International Olympic Committee (IOC) Session in Buenos Aires with a good chance, Madrid delivered a generally disappointing presentation, during which they faced some tough questions on Spain's poor doping record, and ultimately were knocked out in the first round of voting for the 2020 event ahead of Istanbul and eventual winners Tokyo.

It was Madrid's third consecutive Olympic and Paralympic bid, its fourth failed attempt if you count the 1972 Games, but Botella has said that will be it for the time being.

"I think that for the moment the Olympic race has given us all the benefits we can expect from it in the next few years," she told business and political leaders at a breakfast forum in Madrid this morning.

"I believe, therefore, that Madrid should not seek to host the 2024 Games."

Spain has only ever hosted the Olympics and Paralympics once, in Barcelona in 1992, but these Games are still considered among the successful in history.

Following Madrid's failure to secure the 2020 Games, Barcelona has reiterated plans to submit a bid to host the 2022 Winter Olympics and Paralympics; this would have been put back to either 2026 or 2030 had the capital been successful.

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