The Mayor of Madrid Alberto Ruiz Gallardon revealed on Thursday that the city's failed bid to host the 2016 Olympic Games cost a total of 37.8 million Euros.

Although Madrid reached the final stage of the International Olympic Committee vote, which was held in Copenhagen last Friday, the city lost out to Rio de Janeiro.

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.

The citizens of the Spanish capital contributed 16.8 million of the total cost, while the rest came as a result of private sponsorship.

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

"The city that won is the one that had the most merits to do so," he said, while repeated that Madrid would wait until 2012 before taking a decision on a possible bid to host the 2020 or 2024 Games.

Four years ago Madrid also lost out to London in its attempt to host the 2012 Olympics.