Alejandro Blanco, president of the Spanish Olympic Committee, remains optimistic that it can be third-time lucky for Madrid when the 2020 Olympic host city is announced in Buenos Aires Sep 7.
Madrid lost out to London in 2012 and Rio de Janeiro in the contest for 2016 and is now competing against Tokyo and Istanbul, with Tokyo probably looking the strongest rivals, although Blanco is not worried that the Japanese capital is favourite with the bookmakers, reports Xinhua.
"The betting doesn't have a lot to do with reality. If we take a look back at history, we can see that the favourites in the betting has never won and I like that. The betting world moves for different parameters, while the International Olympic Committee (IOC) has valued us well and that is our strength," he said.
"The choice of a host city should not be decided for things like that, but if the president of the government (Mariano Rajoy) goes, then it shows the country has given maximum importance to the candidacy. Everyone goes at the end in order to try and give the final push," he said.
While Rajoy's current political problems, including the Barcenas corruption scandal may not make him the ideal representative for Spain at the moment, Prince Felipe, the heir to the Spanish throne does fit the bill. The Prince retains an excellent public image and was even the flag-bearer for the 1992 Barcelona Olympics, where he competed in sailing.
"He is a great ambassador, an Olympian, a diplomat and he has lived the experience and is able to explain the feeling," said Blanco. "I can't thank him enough for his support and there will be nobody better than the Prince, no matter who Tokyo and Istanbul take."
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"The project has always undergone a valuation, now we have to strengthen the message, structure our intervention and offer important messages," he added.
One of the major appeals of the Madrid bid is that many of the venues are already in place along with a great part of the hotel and transport infrastructure and Blanco believes that IOC could positively value the austerity of the proposal.