(All times GMT +1)

18.55 It's Rio! After finishing third last time around, Madrid faces up to defeat again - but on Copacabana Beach the party is just beginning...

1740 The reaction in the US was one of stunned disbelief. Cable news channels carried live footage of a massive and expectant crowd in Chicago's Daley Plaza greeting the news with silence. Within minutes thousands were streaming for the exits. It was in total contrast to Mr Obama's joyous election night rally.

News anchors expressed utter surprise at Chicago's dismal showing. They all described their firm belief that the contest - after Mr Obama's intervention - would be between his home town and Rio.

1727 Tokyo out. As the shock of the Americans going out in the first round sinks in, the Japanese bow out - a round later than expected. It's down to the Latin vote - Rio vs Madrid. Where will the Asian and US sympathisers place their third vote? We'll soon find out....

1725 Chicago OUT! The US falls at the first hurdle. A major snub for President Obama and a total upset.

1555 So the talking is over. The four bidding cities have done all they can. Now it's over to the IOC members to allocate their votes. The ballot starts at 1710 and a result is expected at 1740 but it will not be announced until about 1900.

1528 Enter Samaranch Sr — this might swing it — the indomitable 89-year-old still well regarded in the IOC. And he had the good political sense to praise the "masterly leadership" of his successor, Jacques Rogge — shame the sitting president does not use his vote.

1510 Prime Minister José Luis Rodriguez Zapatero starts by offering condolences to the earthquake victims of Indonesia — good diplomacy or cheap political point? His talk of Madrid as a "reliable" bid hardly raised the roof — it underlines the city's problem that it is failing to offer anything new. Celebrity factor: Raul. But he's not Michelle...

1445 Juan Antonio Samaranch Jr opens Madrid's bid presentation, the last of the day. He's not quite a chip off the old block - his dad is the real power behind the throne, having run the IOC with an iron grip as president until 2001. Jr even acknowledged Sr as "the big one, the real one". Does he still have enough old mates that owe him favours to pull in votes? The Madrid team will hope the IOC members did not have too heavy a lunch.

1245 Lula rams home a powerful message. "For the Olympic movement, this decision will open a new promising frontier. It is time to address the imbalance. It will be a magical moment for South America. Rio is ready."

He speaks passionately about Brazil's place in the "new landscape" that has been recognised by G20 - now it's the IOC's turn he challenges. He has a compelling argument and this is probably the best speech so far, which will resonate with emerging nations that make up the IOC, but will it be enough to turn the doubters? It's a hard argument to ignore if the IOC wants to be truly inclusive. And the aerial picture of people on the beach making up the five Olympic rings is a nice touch.