Rome’s bid for the 2024 Olympic Games is effectively over after the recently-elected mayor of the city withdrew support for the proposal.

Virginia Raggi – who was elected as part of Italy’s anti-establishment Five Star Movement – said that she couldn’t back the bid after conducting an “in-depth analysis”, and citing the “debts” from the 1960 Olympic Games, which was also hosted in the Italian capital city.

Raggi’s motion is expected to be debated later this week and chair of the Italian Olympic Committee (CONI) Giovanni Malago said the bid would go on until the body receives a “formal act” from the mayor to withdraw the bid.

Malago lamented that in rejecting the city’s bid, Raggi had “forgotten that the bid was made only after the International Olympic Committee (IOC) changed the rules of bids with a reduction in costs”.

CONI is thought to have spent around €10m (£8.6m, US$11.2m) on the bid, and set aside an operating budget of €6bn (£5.1bn, US$6.7bn) to host the Games if the bid was successful. The bid featured 70 per cent existing venues, most of which were built for Rome 1960.

The withdrawal will pave the way for other candidate cities – Budapest, Los Angeles and Paris – who will find out next year if their bids have been successful.