Reviving London

Billions of pounds have been spent transforming Stratford, the former industrial area where the Olympic Park is located.

One of the poorest parts of London, the area is now home to Europe's largest urban shopping mall, built by Australian property developer Westfield.

The apartments which this summer housed the world's top athletes are now being converted into 2,800 homes to be leased next year by developers. Premier League soccer would ensure the area retained a high profile.

West Ham United FC, file photo. [Photo/Agencies]

"West Ham seems logical," said a real estate source close to the Olympic Park. "It was the preferred bidder and has a comprehensive plan in place ready to go."

"You need that level of throughput and investment in the stadium that a top football team will provide. It needs to create revenue and not sit empty for 340 days a year," he added.

West Ham have played at Upton Park, close to the Olympic Stadium, since 1904 and not all of their fans want to move.

Their ground holds around 35,000 and is one of the most atmospheric in the Premier League. However, the club is ambitious to move to a new home that would have a higher capacity and better facilities for both regular supporters and money-spinning corporate guests.

Eighty thousand fans packed the stadium during the Olympics but the capacity is expected to fall to around 60,000 once it is converted for regular use.

The running track will remain at the stadium which will host the World Athletics Championships in 2017.

West Ham are believed to be exploring the possibility of installing retractable seats that would go over the track and allow fans to remain close to the action.

Michael Payne, former marketing chief of the International Olympic Committee, said the opening and closing ceremonies showed the venue worked for entertainment as well as sports.

Payne also noted how well connected the site was to central London via series of rail routes.

"I was astonished at how easy it was in terms of transportation access," he said. "Rule number one for a venue is ease of access. Clearly the Games proved it."