If, however, an agreement cannot be met, the LLDC said the stadium could re-open for events as early as summer 2013.
The West Ham agreement is subject to a number of issues including the final specification for adaptations to the stadium and associated funding, and obtaining appropriate national governing body approvals. If agreed, the stadium would be reconfigured to provide moveable seating for athletics and football dual use.
The LLDC will now procure a stadium operator to manage the venue, and to bring in various concerts and events, whichever option is pursued.
It also approved plans for a weekend-long event to mark the phased opening of Queen Elizabeth Olympic Park on 27 July 2013 – exactly one year after the opening ceremony of the Games, and the launch of an arts and culture strategy in spring next year.
Boris Johnson, Mayor of London, said: "My position on the future of the stadium remains what it has always been: that we can secure a terrific future for this much loved and iconic venue with or without a football team playing there.
"I hope the detailed negotiations with West Ham can succeed, but I am determined that any deal should protect the interests of taxpayers who have paid for the stadium and would have to pay more for adaptations to make it suitable for football."
Dennis Hone, chief executive of the LLDC, said: "[The] decision on the stadium represents an important milestone towards reopening the Olympic Stadium. If we are to have a football tenant, West Ham and other parties will need to meet the conditions that the board has set out today. If a deal is not possible then we will bring the stadium back into use as soon as possible. In any event we are exploring options to hold events in summer 2013."
The LLDC has also approved a deal between Icity – the preferred bidder for the lease of the Broadcast Centre – and BT to become the anchor tenant of the centre, taking 73,000 square feet to house its new BT Sport channels.
The 10-year lease will see BT refit the space to create a production centre including TV studios, a control centre, 20 edit suites and an audience holding area. BT will start building works in February 2013 to convert the venue ahead of the launch of BT Sport in summer 2013.
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