Image: E20 Stadium will manage the venue

London Legacy Development Corporation (LLDC) and Newham Council have announced the creation of E20 Stadium - a new partnership which is to manage the Olympic Stadium.

The formation of the limited liability partnership will enable the local authority to invest up to £40m towards the transformation of the Olympic Stadium into a multi-use facility.

A 99-year lease will be granted to the joint venture by LLDC, which will secure community benefits such as the post-Games use of the stadium and neighbouring warm-up facilities.

The agreement has been endorsed by London mayor Boris Johnson and will contribute to a lasting legacy from the 2012 Games. Tenants for the stadium are still being sought.

LLDC chair Daniel Moylan said: "This stadium partnership with Newham Council will help to create a combination of local opportunities in employment, education and sport."

Details: www.londonlegacy.co.uk

Image: LOCOG