The leaders of the London 2012 bid have unveiled plans for the development of a London Olympic Institute (LOI) – a part of the legacy element if London were to host the 2012 Olympic Games.

The LOI – which would operate out of the planned Olympic stadium after its conversion to reduce capacity – would be created using several partner organisations and would have three core features – a new institute of sport, a sports and exercise medicine centre and the Olympic research centre.

The institute would have both national and international functions, acting as a home for the London region of the English Institute of Sport (EIS), as well as providing an integrated centre of excellence in the field of sports medicine. The Olympic research centre would interact with others across the world, assisting with the transfer and application of knowledge and research on the Olympic movement.

Jude Kelly, director of London 2012’s arts, culture and education advisory committee, said: “These facilities will enable London to create a world class Olympic-dedicated institute for sport, culture and the environment that will provide facilities and services for elite athletes as well as encourage community participation across sport and culture.”

Funding for the institute would be taken from the legacy conversion allocation for the Games, with revenue funding coming from a variety of sources, including the government, educational institutions and cultural and environmental bodies. The Mayor’s office has also agreed to contribute £10m a year to underwrite operating costs of legacy venues.