02/16/2012 08:22 EST | Updated 04/17/2012 05:12 EDT

IOC receives bid applications from 5 prospective host cities for the 2020 Olympics

LAUSANNE, Switzerland - The IOC says the five cities in the running to host the 2020 Olympics have submitted their bids files on time.

Tokyo, Madrid, Istanbul, Doha and Baku, Azerbaijan, are competing to host the Games. The IOC, which will vote for the host in September 2013, can still pare the list to a smaller group of candidates in May after reviewing each of the candidate files.

Rome had also been interested, but the bid was dropped Tuesday after Italian Premier Mario Monti refused to provide financial guarantees.