LEYTON Orient will not panic after West Ham were granted preferred bidder status for the Olympic Stadium this week, according to chairman Barry Hearn.

The O’s bid to share the £429 million ground with the Hammers has been rejected by the London Legacy Development Corporation (LLDC) on commercial grounds and Mr Hearn previously told the Guardian a ground-share was crucial to the club’s survival.

However, the chairman told the Guardian: “It’s not the end of the story. There’s a lot of good feeling at the club and we will not panic.

“A West Ham move will hurt us. We’re very concerned about our sustainability in the long-run but there are a lot of questions over whether they can move.

“The Premier League have sanctioned the move but have they considered the effect on Leyton Orient? That’s the question we’ve asked.”

Mr Hearn’s appeal to the Premier League on whether West Ham would break the body’s rules by moving much closer to Orient’s Brisbane Road stadium is on hold, but the chairman indicated the O’s hopes of moving into the 60,000-seater stadium are not over.

He said: “The problem still remains - competition from West Ham would be far greater than it is today at Upton Park because they’ll be so much closer.”

He added that the fact that the public purse would fund the majority of the £160 million conversion costs of making the stadium suitable for both football and athletics amounted to “government sponsorship”.

However, West Ham have 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.

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

Mr Hearn told the Guardian in October that a ground-share at the stadium and a name change to London Orient were vital to the club’s survival and to bring in more fans.

He said: “It’s far from over. We’re in a very difficult position because we’re fighting for our survival.”