MADRID - The Spanish Basketball Federation (FEB) officially presented its bid for the 2014 FIBA Basketball World Championships Thursday with a gala dinner in the Spanish capital city.

500 guests were invited to the dinner, including representatives of Spain's political and sporting elite along with the directors of the various national and international basketball Federations, as well as former players such as former Brazil star Oscar Schmitt, Italian ace Dino Meneghin and Spanish Basketball legend Epi.

The 2014 World Championships will be held in six different Spanish cities, which have been chosen for their diversity and also because they are focal points of the Spanish game.

Madrid, Barcelona, Bilbao, Seville, Las Palmas and Granada will all host group games, with the final phase being held in Madrid.

FIBA General Secretary, Patrick Baumann stressed the importance of the World Championships, which he revealed will now be known as the FIBA Basketball World Cup, and said it was the most important basketball tournament in the world, ahead of the Olympic Games, given that 24 teams compete in the World Cup, while only 12 can take part in the Olympics.

Meanwhile the President of the FEB, Jose Luis Saez expressed his joy at seeing Spain's hard work rewarded. He said it had been a tight race against China and Italy to hold the 2014 World Cup and added that the event would be for all of the country to enjoy. He concluded by saying he hoped it would be the best basketball World Cup ever held.

Thursday's presentation sees the start of a vigorous campaign from the FEB in order to promote the World Championships. These acts will take place at all levels over the next two years, with the majority of them looking to promote the values of the sport, as well as trying to help disadvantaged groups in Spain and around the world.

Spain will be among the favorites for the 2014 championships. The Spanish are the reigning European champions and won the silver medal at the 2008 Beijing Olympic Games, losing out only to the USA.

The Spanish side will count on players such as Pau and Marc Gasol, as well as Rudy Fernandez, Serge Ibaka and Jose Calderon, all of whom currently play in NBA.

Meanwhile the Spanish domestic league, the Endesa ACB is considered to be the best in Europe and only bettered in quality and the level of competition by the NBA.