The Balkan countries of Bulgaria, Greece, Romania and Serbia have signed a Memorandum of Understanding around a planned joint bid to host either Euro 2028 or the 2030 World Cup.

The Bulgarian sports ministry said on Saturday that the document was signed by the four countries' sports ministers at a meeting in Thessaloniki, Greece.

The document signed by Bulgarian Minister of Youth and Sports Krassen Kralev, Serbian Minister of Youth and Sports Vanja Udovicic, Greek Deputy Minister of Culture and Sports Giorgos Vasiliadis and Romanian Minister of Youth and Sports Bogdan Constantin Matthew also formalizes the establishment of an organizing committee to work on the preparation of the joint bid, Bulgarian news website Novite reported.

Delegations from each of the countries made proposals regarding cities and stadiums that could be included in the application, it added.

The statement said a decision is to be made by the end of the year whether to bid for the 24-team continental tournament in 2028 or the World Cup with 48 teams.

A possible joint bid was first announced by the four nation's government leaders last autumn.

The next Euro 2020 is in 12 countries and the 2024 edition in Germany. Qatar hosts the 2022 World Cup and the 2026 edition is in Canada, Mexico and the United States.