Thursday 16 September 2010

London Olympics : Who'll Take Over London Olympic Stadium?

The race to take over the stadium that will be the centrepiece of the London Olympics in 2012 is about to hot up.

So far only three parties are known to have expressed an interest but a "handful" of others are expected in the next fortnight.

They have until September 30 to submit their bids to theOlympic Park Legacy Company (OPLC).

The OPLC is the body which is tasked with finding a tenant for the 80,000-seater venue in Stratford, east London.

"I wouldn't say we've been inundated with bids so far but we weren't expecting to be," said an OPLC spokesman.

"We've been told to expect a handful of bids in the final week and we're sure that'll be the case."

Among the known runners are Premier League football club West Ham, who have massive debts and desperately need a bigger ground.

AEG, the firm which runs the O2 Arena nearby, has also declared an interest, along with the London-based financial company Intermarket.

There were fears it would be difficult to find anyone to take over the Olympic Stadium owing to restrictions imposed by the London Games organisers.

They originally insisted the athletics track must be kept and the number of seats reduced to 25,000.

They have since been persuaded to allow up to 60,000 seats, to make the stadium a more viable commercial proposition.

After September 30, the OPLC board will take a month to draw up a list of preferred bidders.

These will then be asked to submit a more detailed application before a final decision is made next spring.