My colleague the Minister for Sport and the Olympics and I have today given our approval to the recommendation of the Olympic Park Legacy Company to select the joint bid from West Ham United football club and the London borough of Newham as the preferred bidder for the legacy use of the Olympic stadium. We are therefore writing to the company informing it of our decisions as its joint Government founder members. The Mayor of London, as the other founder member of the company, will also write separately.
This completes the first stage of this process and means that the Olympic Park Legacy Company is now able to enter into negotiations with the consortium comprising West Ham United football club and the London borough of Newham to agree a lease for the Olympic stadium site on terms that are acceptable to Government and the Mayor of London and provide value for money to the public sector. We are delighted with the progress that has been made and very pleased we have reached this very significant milestone in determining the long-term legacy for the Olympic park following the games.