The 15,000-capacity venue, home of Spanish giants Real Madrid, will host the showpiece event of the European Basketball season from May 15 to 17.

It will be the first time since 2008 that the competition has made its way to Madrid, when CSKA Moscow captured its sixth continental title.

The announcement was made by Euroleague Basketball President and chief executive Jordi Bertomeu alongside the Community of Madrid's sports and youth general director, Pablo Juan Salazar, at a news conference prior to the 2014 Euroleague Championship Game at Mediolanum Forum in Milan.

"This year had many candidates interested in welcoming the Final Four, but we have decided to return to Madrid, because it fulfils all the requirements of being a great host city," Bertomeu said.

"It is a European capital with easy access in a well-connected central location.

"Madrid has a great arena in the city centre.

"It is a basketball city with a huge basketball fan base, which has filled the arena for every Turkish Airlines Euroleague game played there.

"And Spain is one of our strategic markets."

Maccabi Tel Aviv defeated Real Madrid in the Championship Game of this year's Euroleague Final Four ©Anadolu Agenchy/Getty Images



Real Madrid is the most successful Euroleague Basketball team in the competition's history, having won the Championships a record eight times.

The team have been runners-up the past two years, having suffered defeat at the hands of Greek side Olympiacos in the 2012-2013 season and Israel's Maccabi Tel Aviv in the final on Sunday (May 18).

The Euroleague final will be played in the Spanish capital for the sixth time since 1958 and the city will host its third Final Four.

Madrid hosted the second ever Final Four in 1967, before the concept was shelved for two decades, with the hosts beating Simmenthal Olimpia Milan 91-83 at Pabellón de la Ciudad Deportiva in the 1967 Championship Game.

"It is a great joy to confirm that the Comunidad de Madrid will host the next Final Four," said Salazar, the Community of Madrid's sports and youth general director

"I want to thank the Euroleague and its president Jordi Bertomeu in particular [for] the great support he gives Comunidad de Madrid to organise this great event.

"The 2014 International Basketball Association World Cup is in Spain this summer and its final stage will be in Madrid, at Palacio de Deportes.

"Therefore, it is a matter of joy to offer all people in Madrid the chance to watch the best national teams this summer and the best teams in Europe next year.

"With Madridians' trademark hospitality, we want to host this event with open arms, with the same reception that the beautiful City of Milan gave us."

The Palacio de Deportes de la Comunidad de Madrid is a hugely popular sports venue in Madrid with its history dating back to 1874, despite being rebuilt in 2005.

The venue was a bullring when first built in the 19th century before the first arena at the site was built in 1960.

Devastating fires ravaged the venue in 2001 forcing a full gutting and rebuild in 2005, where it now stands as a modern multi-sport venue.

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