COE head Alejandro Blanco said the motion to approve Madrid's third straight attempt to land the games was unanimous with the Spanish body preparing to lodge the Spanish capital's submission with the International Olympic Committee before the Sept. 1 deadline.

Rome, Istanbul and Tokyo have also publicly announced their candidatures for 2020.

Mayor Alberto Ruiz-Gallardon presided over a vote at city hall where the Socialist Party (PSOE) and the Conservative Party (PP) both supported the motion while two smaller parties opposed the project due to the country's financial woes.

Ruiz-Gallardon said fundraising from the private sector would cover the bid budget as lawmakers from Izquierda Unida (IU) and Union Progreso y Democracia (UPyD) parties voted against the city's fourth attempt overall to land the Olympics.

Barcelona previously hosted the Summer Games in 1992.

Madrid lost out to Munich in 1972 before trailing London 2012 and Rio de Janeiro 2016.

Blanco added that separate bids from Barcelona and Zaragoza-Jaca to host the 2022 Winter Games would receive COE support but were unlikely to triumph.

"We went to Vancouver with six athletes and 12 (wildcards) and you can't organize the games with that," Blanco said.