March 16 - A deal which clears up ownership of the Olympic Park in East London has finally been struck after "a long and complex negotiation", London Mayor Boris Johnson revealed today.


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

They are in charge of the legacy projects and making the site in Stratford, economically viable after the 2012 Games, including finding a use for the Olympic Stadium, which Premier League West Ham United are interested in taking over.

Investors and the property executives had warned the Park's legacy could be threatened if a single organisation was not made responsible and accountable for future park projects.

Johnson, speaking at an international property conference in Cannes, 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.

Biggs said he was assured six weeks ago that a deal was imminent but that 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.

"I believe the proposals should be acceptable to our board."


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