Sir Robin Wales, Mayor of Newham, said:
“Newham has been committed from the start to ensuring a lasting legacy for the Olympic Stadium that will benefit Newham residents, London and the nation as a whole.
“Our investment of £40 million secures that legacy by transforming the Olympic Stadium into a world class attraction and the beating heart of Queen Elizabeth Olympic Park.
This will provide us with a share of the profits generated over the long-term and a range of community benefits for Newham residents.
“It will enable us to support residents into jobs in such an inspirational place, provide tickets to the Stadium as a reward for those who put something back into our community, and fire the ambition of Newham children as they cross the same finishing line as their sporting heroes.
“We’re delighted that West Ham United has been chosen by the London Legacy Development Corporation to become the main occupant of the Stadium. It is a community club which shares our vision for Newham and the local area.
“We will now work with our partners to transform and develop the stadium and island site into one of London’s premier destination venues and a home for sport and entertainment for generations to come.”