LLDC and Newham in Olympic Stadium management partnership

The aim is to transform the stadium into a major multi-use venue and the partnership will allow the Council, through a subsidiary Newham Legacy Investments (NLI), to invest up to £40 million in the joint venture. 

The Olympic Stadium will be transferred to the partnership, called E20 Stadium LLP, on a 99 year lease. It is hoped that this will help to secure community benefits including job opportunities, educational uses and the use of both the stadium and the neighbouring 400 metre warm-up and community track for sports and events.

"This stadium partnership with Newham Council will help to create a combination of local opportunities in employment, education and sport," said Daniel Moylan, chair of the LLDC. "They will provide a greater legacy for this world class venue with more uses still to come. It's another example of how London is further ahead in planning legacy than any previous host Olympic city."

The partnership has been endorsed by the Mayor of London Boris Johnson, who supports its ambition of providing a significant legacy for the venue. The stadium is already set to become a national home for athletics after the Games and will host the IAAF 2017 World Athletics Championships.

The LLDC is currently seeking concessionaires for additional stadium uses with bids due by 12 July, 2012. Newham Council and NLI are not involved in the process.

Under the agreement with the LLDC, Newham Council has ensure the deal "guarantees" that residents will be able to access events held at the stadium, play sport, be educated and get opportunities for employment at the stadium.

"Up to £40m is to be invested by us [Newham Council] in the conversion of the stadium to its legacy use. It is because our involvement is going to benefit local residents in the long-term that we are involved," said Kim Bromley-Derry, chief executive of Newham Council.

The Queen Elizabeth Olympic Park is planned to open in phases from July 2013, starting with the North Park and expanding to the whole site by spring 2014.

The Park will be one of Europe's biggest construction projects after the Games with an 18 month transformation programme that will lay the foundations for further development across East London over the next 20 years.

The transformation has three main objectives: to clear Games-time structures including temporary venues, bridges, walkways and roads; to connect the Park to the surrounding area with new roads, cycle paths and foot paths, and to complete permanent venues, bridges and parklands ready for residents' and visitors' everyday use.