May 14 (Bloomberg) -- The agency overseeing the reuse of London’s Olympic stadium will extend the bidding for eight weeks to allow interested companies and teams to make offers to use the facility after this year’s games.
Any group that declared an interest last year can make an offer to use the site in east London after the Olympics end in August. Sixteen parties expressed an interest, although only four bid, the London Legacy Development Corp said.
“The fundamentals have not changed and it remains our intention to sign construction contracts for converting the stadium at the end of October, with the intention of re-opening in 2014 as previously announced,” Andrew Altman, chief executive office of the legacy group said today in an e-mailed statement. “This is a significant public asset and a 99-year lease, and it is right that we take the time now to get the best possible outcome for the stadium.”
The new timetable comes because of “a number of clarifications” made to the proposal that may have convinced some businesses not to bid, the legacy corporation said.
London organizers recommended in February 2011 a bid from the east London-based West Ham United soccer club and the borough of Newham over a joint attempt by Tottenham Hotspur and AEG, a U.S.-based entertainment facility operator.
In October, the agreement to award the occupancy to the Hammers, who had promised to keep the running track, collapsed following a series of legal challenges from Tottenham and east London soccer club Leyton Orient. Spurs wanted to make it a soccer-only stadium and pay to refurbish a running center in south London, but has gotten support for a new stadium in Haringey, north London.
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