Margaret Ford, the chair of the OPLC, had met with Prime Minister David Cameron earlier this week to discuss the issue after the new coalition Government postponed the transfer of the site subject to a Treasury review.

This was despite the fact that the Labour Government had reached an agreement on its transfer in March with London Mayor Boris Johnson.

Ford had told the House of Lords last month it was crucial the Treasury honoured the deal to transfer the land and debt to central Government, otherwise companies could be put off investing in the Olympic Park.

Among those who have expressed an interest in taking over the Stadium are Premier League West Ham United.

The OPLC would need to go forward as the freehold owner of the site, without being saddled with the multi-pound debt, Ford said.

Johnson had also grown increasingly frustrated at the delay and had privately lobbied Cameron.

Chancellor George Osborne wrote to Johnson this week revealing that he would rubber-stamp the deal so that the OPLC could begin planning a legacy programme for the Olympic Park, which is expected to include housing.

"I share your concern that we need show the world that we can achieve a lasting Olympic and Paralympics legacy for the country and for local communities, and that this is affordable and offers good value for money for taxpayers," Osborne wrote.

"Therefore, I can confirm that I will be writing to [Communities and Local Government Secretary] Eric Pickles to confirm that the previous administration’s deal to transfer part of the Olympic Park to the Olympic Park Legacy Company still remains in place."

The Government will pay £138 million ($209 million) for the current value of the Stratford land while relieving City Hall of their £300 million ($455 million) liability.

"The Board of the Olympic Park Legacy Company is delighted with the announcement by the Government regarding the resolution of the land and debt issue," said Ford. 

"This affirms their strong commitment to legacy and allows us to carry on building the momentum we have been driving over the past year."

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