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Istanbul businesses back the 2020 bid

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Seven of Turkey’s largest companies are offering to sponsor the country in its bid to host the 2020 Summer Games in Istanbul with upwards of $20 million in funding, the largest private backing of a sporting event in the country’s history.

Istanbul is going up against Madrid and Tokyo, the presumed favorite to host the Olympics, in an IOC vote this September in Buenos Aires. It is Istanbul’s fifth time making it to the finals of the bidding process, with recent failures in 2000 and 2008.

“Turkey is one of the most fertile economic environments in Eurasia, and these seven companies typify the innovation, drive and tireless pursuit of excellence that have got us here,” Hasan Arat said.

“Our new National Sponsors bring with them an enormous amount of expertise and experience across a wide range of sectors and their input will be crucial as the campaign progresses. This is the most powerful alliance between the sports community, the business community and every level of government we have ever had.”

The deal was signed during a special dinner hosted by Suat Kiliç, Turkey’s Minister of Youth and Sports, following a meeting held last week at the Prime Minister’s office.

WATCH: Top basketball moments of the Rio Olympics

RIO DE JANEIRO, BRAZIL - AUGUST 20:  (L-R) Gold medalists Diana Taurasi #12 and Sue Bird #6 of United States celebrate during the medal ceremony after the Women's Basketball competition on Day 15 of the Rio 2016 Olympic Games at Carioca Arena 1 on August 20, 2016 in Rio de Janeiro, Brazil.  (Photo by Tom Pennington/Getty Images)
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As expected the U.S. took gold in both men’s and women’s basketball, with the men winning their third consecutive Olympic gold medal and the women running their streak to six straight. But there was a lot more to take in at the basketball venues, including Serbia’s men’s team winning their first Olympic basketball medal (as an independent nation), and Spain doing the same in the women’s bracket.

To watch the top basketball moments of the Rio Olympics, click here.

WATCH: Top track and field moments of the Rio Olympics

RIO DE JANEIRO, BRAZIL - AUGUST 14:  Usain Bolt of Jamaica celebrates winning the Men's 100 meter final on Day 9 of the Rio 2016 Olympic Games at the Olympic Stadium on August 14, 2016 in Rio de Janeiro, Brazil.  (Photo by Cameron Spencer/Getty Images)
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From Sam Kendrick’s patriotic moment to Usain Bolt’s “triple-triple,” check out the best moments from the 2016 Rio Olympics track and field competition.

You can watch all of these moments here.