Firm for post-2012 future

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A search has now begun to recruit a chairman and chief executive to send the message that the Government is looking seriously at the future of the area.

The company's remit will include securing a future for the venues that remain and creating urban centres and green open spaces.

It will drive a programme of development and regeneration over two decades. The new company will take over the legacy work of the London Development Agency. One of its first tasks will be to oversee the submission of the planning application for the Olympic Park during the summer.

Olympics Minister Tessa Jowell said: "Setting up this company is a vital step and will help ensure a lasting legacy of jobs, homes and world-class sporting facilities on the Olympic Park."