Spain and Portugal confirm World Cup bid

Spain and Portugal have confirmed their intention to submit a joint bid to host the 2018 World Cup.

Angel Maria Villar Llona and Gilberto Madail, representatives of the two country's respective football federations, signed an agreement in Lisbon on Monday (January 19th).

"This is an important day, the day we decide to go ahead and present a bid to Fifa. We will create a joint commission to assess all Fifa conditions," Mr Madail told reporters in the Portuguese capital.

Football's governing body is scheduled to announce the winning bid in 2010, with England, China, Mexico and Russia also interested in staging the tournament.

Insiders believe the Spain-Portugal bid will have a good chance of success, as it is likely to be backed by the three South American members of Fifa's executive committee.

In addition, Portugal hosted the European Championships in 2004 and ten new stadia were built for the tournament.

Property investors in both countries could benefit if the bid is successful, due to the increased international profile of such an event.

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