Rivals China were eliminated in the first round and in the second round Spain won with 11 votes, while Italy received eight.

 

The decision has been welcomed by leaders of the Madrid 2016 Olympic bid who say it is a further “vote of confidence” in Spain’s ability to host major international sporting events.

 

Mercedes Coghen, the chief executive of Madrid 2016, said: “It is an honour for my country to host such a prestigious sporting event as the men’s World Championships in basketball.

 

"Spain has successfully hosted hundreds of major international sports events in the past 10 years, many of them in Madrid where we hope we will see the Olympics in seven years time.

 

"We thank FIBA for their vote of confidence in Spain’s ability to host great sport.”
 

Spain won the 2006 World Championship in Japan beating Greece 70-47 in the final.

 

The United States defeated Argentina in the bronze-medal match.

 

Spain will defend its title when Turkey hosts the forthcoming tournament in 2010.
 

Madrid’s plans for 2016 Olympics include a new basketball arena.
 

The 2014 World Championships are scheduled to be played in five cities across Spain.

 

Joining Madrid will be be Bilbao, Granada, Las Palmas and Seville.

 

The tournament is due to take place between August 30 and September 14.

 

Organisers have estimated that the event will cost 341.5 million Euros (£300.5 million), of which 314 million Euros (£276.3 million) will be spent on infrastructure and 27.5 million Euros (£24.2 million) on operational costs.

 

José Luis Sáez, the President of Spain's governing body FEB, said: "Italy and China put forward fantastic projects that were viable in two amazing countries.

 

"Of course, there could only be one winner.

 

"It was us this time, but any of the countries could have done a fantastic job in hosting the 2014 FIBA World Championship.

 

"We look forward to working with FIBA over the next five years in our quest to make the 2014 edition of the FIBA World Championship the best one ever."

 

Patrick Baumann, the secretary general of FIBA and a member of the International Olympic Committee, said: "It has been a long process.

 

"We have had three amazing candidates coming from three wonderful countries where there is a strong basketball tradition.

 

"They have presented great proposals and ideas on how to make the FIBA World Championship one of the top sporting events in the world.

 

"Today basketball has taken another step forward on its journey to become one of the biggest global sports in the world. 

 

"My thoughts are with China and Italy which have worked so hard, with full support from their governments.

 

"I am sure that they will have another chance in the future.

 

"And, on behalf of the FIBA Central Board, our most sincere congratulations to Spain, a candidature which has brought a lot of innovative ideas and has a fantastic team, being our current world champions and the Olympic silver medallist."

 

FIBA President Bob Elphinston said: "This whole process and the incredibly media exposure of not only today but of the past months has lifted basketball to new heights.

 

"We are extremely pleased with the investments made for basketball by the three candidates and we wish to sincerely congratulate Spain for their success."