Madrid 2020 logo design

Never has a logo had so much criticism in such a short time. I'm referring to the one created for the 2020 Madrid Olympic bid.

The winning design, and its subsequent amendments, have managed to distort the original design until all its meaning is lost and rendered it almost unrecognizable. It is unclear whether the logo says M20 or 20020, due to the unfortunate use of a curved typography and the way the letters have been cropped at the bottom.

Here and here (ESP) you can see the other designs that were submitted.

The use of lively colours and rounded ellipses make the logo look like it's selling flip flops and not a city's olympic bid. The initial concept was not that brilliant in execution, but had a foundation and a sense that the re-design has managed to erase completely. This has raised heckles in the field of Spanish graphic design, of course, as it does a disservice to the profession.
Judge for yourselves and draw your own conclusions.