Rome, Feb 28 (AP) The Italian athletics federation announced Wednesday that it has withdrawn its candidacy to host the 2027 world championships in Rome.

The move comes after the Italian government refused to guarantee the 85 million euros ($92 million) needed to host the meet at the Stadio Olimpico.

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The government is already spending heavily on sports by hosting the 2026 Milan-Cortina Winter Olympics.

Beijing is expected to now be assigned the 2027 event.

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It's the latest withdrawal from Italy after then-Rome Mayor Virginia Raggi put a stop to the city's bid for the 2024 Olympics eight years ago.

Italy will host the European Championships for athletics in Rome this June.

Italy's athletics team had a breakout performance at the Tokyo Olympics, winning five gold medals highlighted by Marcell Jacobs in the 100 meters, the men's 4x100 relay, and Gianmarco Tamberi in the high jump. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)