Olympic park legacy deal finally agreed

The first section of the roof support for the 2012 Olympic stadium is erected at the Olympic site

The Olympic stadium is still under construction

After a "long and complex negotiation" a deal that clarifies ownership of the Olympic Park has been agreed, the mayor of London has announced.

The agreement with the government will see the land owned by the London Development Agency (LDA) switched to the Olympic Park Legacy Company (OPLC).

As majority land owners the OPLC is responsible for co-ordinating the future developments of the site.

Mayor of London Boris Johnson made the announcement at a conference in Cannes.

'Chance of success'

He said: "This has been a long and complex negotiation, but I am delighted to say we have now reached agreement with government on all the issues under discussion.

"The next step will be to carry through the land transfer to the legacy company. This is a good deal for London and for legacy.

"We have preserved the principle that the company should be an equal partnership between the mayor and government and ensured that the financial arrangements will protect the LDA and its other important programmes in London."

Earlier this month John Biggs, the Labour chairman of the London Assembly's budget and performance committee, said the ownership transfer should have been completed last October.

Mr Biggs said he was assured six weeks ago that a deal was imminent but there was still haggling over costs of developing the land and existing debts.

LDA chief executive Sir Peter Rogers said: "This deal will give the legacy from 2012 every chance of success.

"Our negotiations with Government have produced a good deal for London, with a significant benefit for the London Development Agency, which gives the certainty that will allow us to plan our future investments for Londoners in a period of tight public finances."