Budapest 2024 chairman Balázs Fürjes believes the Hungarian capital will be a "better city with a better future and better facilities for sport" as a result of merely entering the race for the Games.

Fürjes outlined a number of areas in which he claimed Budapest will benefit from the bid and claims it has laid a strong foundation for a future Olympic and Paralympic candidature from the city.

He insisted Budapest 2024 has left "meaningful legacies" for the area, including new facilities, parkland and affordable accommodation, which are listed amid what bid leaders claim is a "new direction", providing "new opportunities for the Hungarian capital and the Olympic Movement".

Part of the main mantra was demonstrating how mid-sized cities could launch feasible bids for the Olympic and Paralympic Games and they feel they have shown how others can follow in the future.

Their effort to secure the Games was abandoned last month following a petition from youth campaign group Momentum Mozgalom, which called for a referendum on the bid.

It led to the Hungarian Government withdrawing, leaving just Los Angeles and Paris. 

"The Budapest master plan demonstrates the International Olympic Committee’s (IOC) Agenda 2020 reforms for the Olympic Games are valid and viable for mid-size global cities like Budapest," Fürjes said.

"Budapest will be a better city with a better future and better facilities for sport as the result of bidding for the 2024 Olympic Games - this will strengthen Budapest’s capacity for hosting major international sporting events.

"Our dream to host the Olympic Games in Budapest remains alive.

"Our hopes of hosting the Olympic Games are still strong. 

"All our proposed venues will have long-term benefits and will be used by the community and for sport.

"We remain the only nation in the top 10 Olympic medal winning countries that has not hosted the Games, and we continue to believe in our mid-size city model and hope to have the chance one day to prove the case."

A petition from Momentum Mozgalom gradually gained support and eventually received more than 250,000 signatures, prompting Government officials to withdraw the plans following a meeting between the Hungarian Prime Minister Viktor Orbán, the city's Mayor István Tarlós and the Hungarian Olympic Committee.

The axing of the Budapest 2024 bid sparked concerns about the future of the Olympic bid process and has been a factor in increasing speculation that the IOC may award both the 2024 and 2028 editions to Paris and Los Angeles at the Session in Lima on September 13.

An IOC Working Group chaired by the body's four vice-presidents is currently considering the possibility of awarding 2024 and 2028 in the Peruvian capital.

Both Los Angeles and Paris are publicly insisting that they are only interested in the earlier event.