
(ATR)Spain's King Juan Carlos announced Monday he will abdicate in favor of his son, Prince Felipe.
Juan Carlos and Felipecompeted respectively on the 1972 and 1992 Olympic sailing teams.
King Juan Carlos has been on throne for 39 years.The Associated Press quoted the 76-year-old Juan Carlos as saying Felipe, 46, is ready to be king and will "open a new era of hope."
Both King Juan Carlos and the Crown Prince have been closely involved with theOlympic movement for years.
In 1992, Prince Felipe not only competed on the Olympic sailing team but also participated as Spain's flag bearer at the Opening Ceremony for the Games.
Felipe met with then IOC president Juan Antonio Samaranch in 1998, and later participated in the leg of the 2004 Olympic torch relay in Madrid.
The Crown Prince and his wife, Letizia Ortiz, have attended multiple Olympic Games, including the 2006 Winter Olympics, the 2008 Beijing Games and the 2012 London Olympics.
In 2013, Prince Felipe aided the city of Madrid in its bid for the 2020 Summer Olympic Games. Juan Carlos previously participated in Madrid's 2016 Olympic bid process.
Spanish Olympic Committee president Alejandro Blanco presented Prince Felipe with theOrden Olimpica de Oro award in December of 2013.
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