The alma mater of Sebastian Coe, the chairman of London 2012, had been the favourite to host Team GB in 2012 until Aldershot came up on the rails with a late and unexpected run to clinch the honour.

 

Estimates of how much the base for Team GB could have been worth to Leicestershire ranged from £4 million to £8 million.

 

Loughborough MP Andy Reed - who played a major part in supporting the University's bid - said: "The decision to use Aldershot was initially a surprise and a little disappointing.

"This will at least now allow the university to attract a major international team.

 

"At least, the uncertainty surrounding the location is now removed and we can plan to get the best deal for Loughborough out of the Games."

 

Martin Traynor, from Leicestershire Chamber of Commerce, said: "While it's a huge disappointment to have missed out on Team GB, we have to recognise that there is a plan B.

"Loughborough's excellent facilities means there's been a lot of international interest in it as a venue."

Charnwood Borough Council leader Richard Shepherd said he was extremely disappointed by the decision.

He said: "It is a surprise and not the news we were hoping for.

 

"It would have been a great honour for the university and the whole borough to have hosted Team GB.

 

"The University would have been a very worthy venue."

David Parsons, leader of Leicestershire County Council, said: "If Loughborough has not been chosen it's obviously a huge disappointment.

"The facilities at Loughborough are second to none and it is a great pity that our home team won't be taking advantage of them."

Parsons - chairman of the East Midlands Regional Assembly said - he would campaign for a major international team to train in Leicestershire.

He said: "The Chinese team were always interested.

 

"These teams choose their own base and there's tremendous competition from UK towns and cities to host them."