Atletico Olympic stadium still on despite defeat

"The choice of Rio for the Games has no affect at all on the agreement we have with the Madrid council," Cerezo told local television station Telemadrid.

"Everything is signed ... Atletico will be playing there inside three years."

Atletico are moving to the out-of-town La Peineta stadium that is being upgraded and expanded to a 73,000-seat arena.

Their current home, the Vicente Calderon, is to be pulled down and turned into a riverside park after the move.