WEST Ham Football Club have been named as the preferred bidders to take over the £429 million Olympic Stadium.

The London Legacy Development Corporation (LLDC) announced the club as its first choice to become the stadium's main tenant, but said a conclusive deal with the east London club required further discussions.

If a deal goes ahead West Ham would hold a 99-year lease on the site in Stratford, after the LLDC and Mayor of London Boris Johnson said the club offered the most viable solution for use of the stadium.

But the public purse would fund the majority of the £160 million conversion costs of making the stadium suitable for both football and athletics.

The club has offered to contribute £15 million but believe their contribution of £2.5 million a year in rent and additional sponsorship money will ensure work to install a roof and retractable seats pays for itself.

The capacity of the ground would be 80,000-crowd - 45,000 more than West Ham's current home ground of Upton Park.

However, LLDC are still to negotiate with the club over a number of issues, including commercial terms, and an agreement where some of the taxpayers' investment could be recouped if the stadium significantly increases the value of the club.

The LLDC said in case West Ham is not able to meet these conditions it is also developing a detailed design for a non-football option.

It is unlikely the stadium would be in use before August 2015.

Leyton Orient also submitted a bid for the site and chairman Barry Hearn said the O's would not survive if they did not achieve a ground-share with West Ham and change the club's name to London Orient.