STATEMENT ON THE OLYMPIC STADIUM FROM THE LONDON LEGACY DEVELOPMENT CORPORATION

The London Legacy Development Corporation today announced it is extending the Stadium competition process by a further eight weeks to allow all parties who registered to receive the Invitation to Tender (ITT) additional time to submit a bid.

The Legacy Corporation has taken this action to allow more time to address a number of issues which have arisen since the ITT was issued in January.

Andrew Altman, Chief Executive of the London Legacy Development Corporation, said:

“We are determined to run a process that is fair to all and delivers the best possible legacy for the Olympic Stadium. We have been very encouraged by the quality of the bids so far. However, a number of issues have arisen during the process and we believe it is sensible to give everyone more time so they can be addressed.

“We want to make the process as competitive as possible and extending the competition period will allow all parties that registered an initial interest in the Stadium another chance to bid.

“The fundamentals have not changed and it remains our intention to sign construction contracts for converting the Stadium at the end of October, with the intention of re-opening in 2014 as previously announced. This is a significant public asset and a 99 year lease, and it is right that we take the time now to get the best possible outcome for the Stadium.”

The Legacy Corporation has made a number of clarifications to the ITT in response to issues that have arisen since the ITT was first issued in January, some of which we understand may have deterred interested parties from bidding. These include governing body approvals, technical improvements to the Stadium and the opportunity to bid for the right to exploit the Stadium naming rights.