Italy's Pescante resigns as IOC vice president

Mario Pescante is resigning as a vice president of the International Olympic Committee following the Italian government's refusal to back Rome's bid to host the 2020 Olympics.

Rome's bid was withdrawn last week after Premier Mario Monti refused to provide the required government financial guarantees at a time of economic crisis in Italy.

Pescante, a longtime power broker in Italy's sports establishment, was the leader of the Rome bid.

He said Tuesday he "feels a bit embarrassed to be representing a country which has thrown in the towel early."

Despite his resignation as IOC vice president, Pescante will remain a regular IOC member from Italy.