The OPLC are now in charge of the legacy projects and making the site economically viable after the 2012 Games but Sir Peter predicted that it will take nearly a decade to be able to assess whether the organisation been successful in achieving their remit, he told the London Assembly at City Hall here today.
The east London club and council hope the arena, in Newham borough, will feature "both football and athletics".
Interested parties have an eight-week deadline to submit plans, with the OPLC set to make a decision on the stadium's future use by March 2011.
A joint statement from West Ham and Newham Council read: "The proposal would be to make the venue a vibrant centre of sport, culture and education, featuring both football and athletics."
"To build an 80,000-seat stadium and reduce it to 25,000 for athletics makes no sense at all," said Sullivan.
"The whole concept was misconceived. I can't get my head around it.
"Let's be honest, that stadium should not have cost £537m. It's a temporary stadium with limited facilities - that's public money appallingly badly spent. The Emirates [Arsenal's ground] was built for half the price."
[S]talled preparations for Euro 2012 are shedding an unpleasant light on all of the problems the game and the nation’s infrastructure has there. The necessary work on transportation links, accommodation and stadia is far behind schedule, even with three years to go.
UEFA this month confirmed five cities as hosts for games in 2012, but only one in Ukraine. The Dnipropetrovsk stadium, expensively built, has been dropped from UEFA’s list for 2012 as the 31,003 capacity is curiously just short of the required 33,000 minimum, with no commitment to a temporary capacity increase given.
The move signals a drastic u-turn on the original legacy plan for the Olympics, which envisaged the stadium as a semi-temporary venue which would be converted into a smaller, 25,000-capacity sports school and athletic ground in ‘legacy mode’.
According to the Evening Standard, [legacy chief Baroness] Ford said she was convinced the ‘beautiful’ stadium could pay its way as an all-year ‘visitor attraction’ and become part of London’s ‘iconic offer’.
As a result, stadium designers Populous - formerly HOK Sport - could be asked to rework the scheme which is already well under construction.
The recession forms the backdrop to the SportAccord convention and International Olympic Committee executive board meetings in Denver, the biggest gathering of international sports officials in the United States since the 2002 Winter Games in Salt Lake City.
More than 1,000 delegates are expected to attend the conference, which will feature key public presentations Wednesday by the four candidates for the 2016 Olympics -- Chicago, Madrid, Rio de Janeiro and Tokyo. With six months to go before the Oct. 2 vote in Copenhagen, the cities are trying to position themselves as the most financially secure to cope with the downturn.
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Despite the pressures, London organizers remain confident they will come within the overall 9.325 billion pound ($13.6 billion) budget for venues, infrastructure and regeneration. The figure is more than double the original estimate.