West Ham United’s 99-year concession will start in 2016 and secures a year-round programme of sports and events in the venue. The club will move into the stadium in summer 2016, after it is re-developed.
Transformation works will include a new roof, corporate areas, toilets, concessions and retractable seating.
In addition to the funds to be provided by the London Legacy Development Corporation for the adaptation works, West Ham will contribute £15 million, Newham Council will invest £40 million, and the government has agreed to provide additional support of up to £25 million should it be required.
Boris Johnson said: "This is a truly momentous milestone for London’s spectacular Olympic Stadium ensuring its credible and sustainable future. Through this deal with West Ham United FC, we are defying the gloomsters who predicted this landmark would become a dusty relic.
"With a series of world class entertainment and sporting fixtures already in the bag for Queen Elizabeth Olympic Park, this iconic site is set to be the glittering centrepiece of ambitious regeneration plans for east London, which will capitalise on the Olympic investment into this area for the long term benefit of this city."
Dennis Hone, chief executive of the London Legacy Development Corporation, said: "The stadium is one of the final pieces in the legacy jigsaw on the Park and with its future now secured, we can be confident of a bright future for generations to come. We are on track to deliver a fantastic new destination and a great legacy for east London."
Following the full opening of the venue in 2016, the stadium will become the new national centre for athletics. UK Athletics has been given priority use of the venue from the third weekend in June to the end of July every year, under a 50-year agreement, while the stadium will host the IAAF World Athletics Championships and IPC Athletics World Championships.
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