GENEVA -- Spain has won the right to host the men's basketball world championship in 2014.

The board of governing body FIBA picked Spain on Saturday ahead of rival candidates China and Italy.

The 24-team tournament will be played in Madrid plus Bilbao, Granada, Seville, and Las Palmas on the Canary Islands from Aug. 30-Sept. 14, 2014.

Organizers say they need to spend $439 million building three or four arenas. Spain won the 2006 worlds that was staged in Japan.

Spain won the 2006 worlds in Japan when Pau Gasol -- then a Memphis Grizzlies player and now with the Los Angeles Lakers -- was the tournament MVP.

Spain beat Greece 70-47 in the final. The United States defeated Argentina in the bronze-medal match.

Spain will defend its title when Turkey hosts the upcoming tournament in 2010.