Two remain as Budapest withdraws 2024 Olympics bid

The Hungarian capital is understood to have pulled out after pressure over the costs of holding the event

Budapest, Hungary, parliament

The Hungarian Parliament Building on the banks of the Danube River in Budapest. Picture by Adam Davy PA Archive/PA Images

Budapest has dropped its bid to host the 2024 Olympic Games.

The Hungarian capital is understood to have pulled out because of pressure over the costs of holding the event.

Hungarian government spokesman Zoltan Kovacs confirmed to Reuters that Budapest's bid has been withdrawn.

Opponents had gathered more than a 250,000 signatures backing a referendum on the idea.

It leaves Paris and Los Angeles as the two cities left in the running.

The Eiffel Tower is lit with colors for the Paris 2024 during the launch of the international campaign of Paris as candidate for the 2024 Olympic summer games in Paris, Friday, Feb. 3, 2017. Paris, which hosted the Olympics in 1900 and 1924, is competing against Los Angeles for the games (AP Photo/Francois Mori)

Budapest is not the only bid to have pulled out of the race to host the Games in 2024.

Rome suspended its own bid back in October 2016, while the German city of Hamburg saw its bid rejected in a referendum the previous year.

Just over 50% of voters were against the staging of the games.

The winning bid will be revealed in September 2017.