Olympic stadium to host F1?

A tender to turn the London 2012 Olympic stadium into a post games Formula One venue has been officially received, according to the London Legacy Development Corporation.

The bid to host a Formula One Grand Prix at the arena is one of four submissions for development of the stadium in Stratford, East London following this summer’s Olympics.

In a statement issued by the LLDC, the organisation outlined that, "following an extension to the bidding period, the Legacy Corporation can reveal that it has received four bids for the venue."

"Bids from West Ham United, Intelligent Transport Services in association with Formula One, UCFB College of Football Business and Leyton Orient will now be assessed to ensure they are compliant, before being evaluated ahead of negotiations."

Bernie Ecclestone, President and CEO of Formula One Management (the firm that holds the commercial rights to the premiere series in world motorsport), highlighted last week that Intelligent Transport Services had consulted FOM about the plan, which would involve a rental agreement for Formula One to use the stadium for the race rather than own it.

Speaking to the UK'sTelegraph newspaper, Ecclestone confirmed that, "This is a firm that happened to be bidding for use of the stadium, not to own it. They came up with a scheme whereby Formula One would race around the stadium, inside it, outside it. They wanted to make sure I would be interested."

The confirmation of the bid follows speculation surrounding London hosting a Grand Prix, but it is thought an event in the capital would not replace the British GP at Silverstone.

The proposed event in London would rival the Monaco Grand Prix for glitz and glamour, with FOM prepared to table £35 million worth of investment to bring F1 to London.

It is hoped the event could bring in as much as £100 million in revenue if it were to get the go-ahead, attracting more than 120,000 spectators.