Rome pulls out of 2020 Olympics race

Gianni Alemanno, the Mayor of Rome, presented the city's candidature for the 2020 Summer Olympic Games at Auditorim Palace on March 5, 2010. The Italian city has since pulled its bid.</p>

Gianni Alemanno, the Mayor of Rome, presented the city's candidature for the 2020 Summer Olympic Games at Auditorim Palace on March 5, 2010. The Italian city has since pulled its bid.

Rome has pulled itself out of the race to host the 2020 Olympics after Prime Minister Mario Monti said it would be "irresponsible," according to BBC News.

The prime minister said they could give no guarantee to finance putting on the event, which has an estimated cost of $12.5 billion. The decision, unanimously made by the cabinet, comes one day before the deadline for cities to submit bids.

"As you can imagine the government has spent much time reflecting upon this decision," Monti said to BBC News.

More from GlobalPost: Six cities, including Baku, bid to host 2020 Olympics

According to the Daily Mail, Rome pulling its bid gives a big boost to Doha, Qatar, one of the other cities vying to host the prestigious sporting event, along with Madrid, Istanbul and Baku, Azerbaijan.

Doha does not have the financial difficuties of some of the other bidders, reports the Daily Mail. The city is also set to host the soccer World Cup two years after the games in 2022.