Rome have pulled out of the race to hold the 2020 Olympics.
The bid was dropped after Italian Prime Minister Mario Monti confirmed the government could not back it financially with the current economic crisis.
The London Olympics will cost an estimated £9.2bn and the Italian government would have had to spend a similar amount.
Rome was expected to be the favourite to host the 2020 Games and its exit leaves Madrid, Tokyo, Istanbul, Doha in Qatar and Baku in Azerbaijan as possibilities for the Olympic Committee.
Monti said: “We arrived at this unanimous conclusion that the government didn’t feel it was responsible to assume such a guarantee in Italy’s current condition. We studied the plans with great care.
“Italy can and must have ambitious goals. Our government is focused also on its growth, not just on strictness, but at this time we don’t think it would be fitting to commit Italy to this type of guarantee, which could put at risk taxpayers’ money.”