An investigation into the total costs and funding of attempts to provide a lasting legacy from the 2012 Olympic Games has been launched by the London Assembly.

It is hoped that the probe, which will also examine London mayor Boris Johnson's decision to hand control of legacy plans to the new Olympic Park Legacy Company (OPLC), will answer three main questions. Assembly members will be seeking to examine out the implications for the London Development Agency (LDA) and the OPLC of delaying the transfer of land to the new company.

Financial implications for the LDA and OPLC, and the level of funding available for future regeneration schemes will also be explored, as well as what legacy will be available with current levels of public cash. The assembly's budget and performance committee will undertake the probe, with LDA deputy chief executive Peter Bishop among one of the first people to appear at the first meeting on 4 March.

Committee chair John Biggs said: "With less than 1,000 days to go until work begins on transferring the site into its legacy mode, we are concerned that an agreement on the transfer of the land has still not been reached. "The outcome of the settlement could have far-reaching implications so it is essential we look into the costs and funding of the legacy development on the Olympic Park site."

Image: London 2012