London // West Ham United were selected over Tottenham Hotspur, their Premier League rivals, to take over the Olympic Stadium after the 2012 London Games.
The Olympic Park Legacy Company (OPLC) picked West Ham as their preferred tenant for the £542million (Dh3.18billion) stadium, which will stage the opening and closing ceremonies and track and field competition next year.
Baroness Margaret Ford, the OPLC chairwoman, said the decision by the 14-member board was unanimous.
The decision, which followed months of fierce debate and rancour between the two clubs, still requires ratification by two government departments and the London mayor's office.
West Ham plan to downsize the stadium from 80,000 to 60,000 seats and use it as a multipurpose venue that includes the Olympic running track. The Hammers hope to move into the stadium from their current Upton Park home in nearby east London in August 2014.
Tottenham, bidding with American sports and entertainment giants AEG, had proposed taking down most of the stadium and putting up a 60,000-seat football-only stadium on the same site without a track. Tottenham's plan had been widely criticised by Olympic officials and athletes.
Tottenham indicated earlier this week that they could mount a legal challenge to a decision in favour of West Ham's bid.
London Olympic leaders promised to keep an athletics legacy at the stadium when they made their successful bid to the International Olympic Committee in 2005.
Karren Brady, the West Ham vice chairman, claimed this week that Tottenham's plan to tear down the stadium would be a "corporate crime".
Lord Sebastian Coe, the former Great Britain running great who heads the London Olympic organising committee, said recently that Britain had a "moral responsibility" to keep the stadium track. He said Britain would "trash" its international reputation if it went back on its promise.
In order to provide a track and field legacy, Tottenham had offered to redevelop the crumbling Crystal Palace athletics stadium in south London.
Tottenham and AEG say West Ham's attempt to combine football and athletics is not economically viable in the long term and the stadium will become a white elephant - especially as West Ham are currently in last place in the Premier League and facing demotion from the top flight.
Once the deal with West Ham is ratified, the club must enter into contract negotiations with the OPLC.
If final agreement is not reached by the start of April, the process could start over again.
West Ham are based closer to the Olympic Park in Stratford, east London, than Tottenham, which plays at White Hart Lane nine kilometres away in a northern suburb.
West Ham are bidding jointly with Newham Council, the local authority which will provide a loan of £40m to the club.
West Ham also hope to stage concerts at the stadium in conjunction with promoter Live Nation Entertainment as well as Twenty20 cricket and American football. The stadium refurbishment is expected to cost £100m.