LEGACY COMPANY SHORTLISTS TWO FOR STADIUM BIDDING

Today we have announced as a company that we will enter into final negotiations with two major bidders – a consortium led by Tottenham Hotspur Football Club with AEG and a consortium of West Ham United Football Club and the London Borough of Newham.

After a bidding process launched in August, the Legacy Company is now entering the final stage in its aim to secure the best future for the Stadium.

Margaret Ford, Chair of the Olympic Park Legacy Company said:

“We are very pleased with the extensive and serious interest shown in the Stadium. We started this process to ensure the very best legacy for the Stadium, and we are now at a point where we have selected the two strongest bids. We will go forward to start negotiations with the two consortia of Tottenham Hotspur and AEG, and West Ham United and Newham Council.

“The Stadium is a vital and vibrant component of the Olympic Park – securing the most appropriate and viable solution is crucial for our long-term aspirations for the future Queen Elizabeth Olympic Park area.”

In going to market, the Legacy Company’s aim was to consider options which would enhance and build on the existing and Government-approved plans for a 25,000 seat, mixed-use Stadium.

Through this process, the Legacy Company is seeking an anchor tenant that can provide an excellent legacy for the public investment made in the Olympic Park. Throughout the market testing and the bidding phase the Legacy Company has asked interested parties to fufil obligations regarding the 2012 Games’ bid commitments for a legacy for athletics.

The Legacy Company aims to have a preferred tenant in place by the end of the financial year in 2011.