Given the detailed nature of both bids received, we need more time to seek further clarification with both bidders in order to identify a preferred bidder.

The Stadium is a significant public asset and we have a duty to run a robust process.

Securing the most appropriate solution for the Stadium is vital to our long-term aspirations for the future Queen Elizabeth Olympic Park and the wider regeneration of the area.

In addition to the two shortlisted bids, the Legacy Company also has the option of the original plan to convert the Stadium to a 25,000 seats, mixed-use venue. In going to market, the Legacy Company’s aim was to consider options which would enhance and build on that plan.

The bids are being evaluated against criteria agreed by our founder members at the outset of the process:

• To achieve a viable long-term solution for the Stadium that is deliverable and provides value for money
• To secure a partner with the capability to deliver and operate a legacy solution for a venue of the Stadium’s size and complexity
• To re-open the Stadium for operational use as rapidly as possible following the London 2012 Games
• To ensure that the Stadium remains a distinctive physical symbol supporting the economic, physical and social regeneration of the surrounding area
• To allow flexible usage of the Stadium, accommodating a vibrant programme of events, allowing year round access for schools, the local community, the wider public and elite sport.

Once the Legacy Company’s Board recommends a preferred bidder, this will be subject to approval by the Government and the Mayor’s Office.