Mexico’s bid to host the Olympics in 2020 has fallen apart over the cost, with its previous attempts to host events in Rio de Janeiro and Barcelona all costing more than $1 billion.
The new Mexican bid, due to be unveiled next week, includes a host country which will be the first in the world to host an Olympic Games.
The International Olympic Committee (IOC) has also indicated it may reconsider its decision not to renew the 2024 games in Mexico, as it seeks to improve Mexico’s preparations for the games.
In addition, the IOC is considering an expansion of the 2020 Games in China, which could lead to the country being the only country in the Americas to host a global event.
In its report, which will outline the economic impact of the IOC’s decision, the Committee on Economic and Social Affairs (CESA) said that the cost of hosting the 2020 Olympics in Mexico was expected to be in the region of $1.2 billion, and that the costs of hosting an event in 2019 in Beijing, which was cancelled last year, would be in excess of $3 billion.
Mexico’s initial bid for the 2020 Olympic Games was approved in February 2019, and the country has been preparing for the event ever since.
At the time of the announcement, the country’s president, Enrique Peña Nieto, said the country had the potential to host “the greatest number of sports” in the history of the Olympics.
However, Peña also warned that the IOC was considering expanding the 2020 Rio Games in 2020 to include the country.
Mexico had hoped to host its first Olympic Games in 2021.
Mexico is currently hosting the 2018 World Cup soccer tournament, which it won last summer.
Peña has since been accused of trying to use the 2022 World Cup to boost his political career and gain more power in the country, which has a long history of corruption scandals and corruption-related violence.
The IOC is also facing criticism for failing to address the concerns of athletes, such as the issue of drug abuse.
At least one high-profile athlete, the world record holder for the 100-metre sprint, was found dead in a bar in the northern city of Nuevo Laredo in February.
The Mexican government is also considering a bid for 2024, but has yet to officially commit to the event.
Mexico was awarded the 2020 and 2022 World Cups by the IOC last year.
Mexico has also been involved in a bid to build a bridge over the Andes to the Olympic Peninsula.
The bid has been delayed for a number of years, but the government is expected to announce a decision about the bidding process next month.
The 2024 Olympic Games will be held at the Olympic Stadium in Guanajuato, in the state of Guanajalez, from March 12 to April 14.