The deal to hand over the Olympic Stadium to football club West Ham United after the 2012 Games, has fallen apart.
The deal collapsed after legal challenges put forward by two football clubs, Tottenham Hotspur and Leyton Orient, and an anonymous complaint lodged to the European Commission led to fears that court action could drag on for years while the stadium remains empty.
The European Commission had earlier received an anonymous complaint claiming that a local authority for London's Newham borough, the New Ham Council lent 40 million pounds as a 'state aid' to West Ham.
There were also worries that the application for a judicial review by Spurs and Orient could drag on for years.
The stadium will now remain in public ownership and leased out to an anchor tenant following a new tender process, the Daily Star reports.
It is likely that any costs of transforming the stadium will now be borne by the Olympic Park Legacy Company (OPLC).
The move ends uncertainty over the stadium ownership ahead of London's bid for the 2017 World Athletics Championships.
The Government, the London Mayor's office and the OPLC have come forward to annul the current deal to end the legal challenges over the stadium's ownership.
West Ham United will be encouraged to bid again under the new tender process. (ANI)