The Economic Development, Culture, Sport and Tourism Committee (EDCST) said that the venue could become a "white elephant" if swift action is not taken to obtain an anchor tenant capable of ensuring the east London venue is financially viable after the 2012 Games.

Plans to retain the athletics track have been scrutinised in the committee's report - Towards a Lasting Legacy, which claims that there are no guarantees the stadium will host events that will attract enough spectators, even when the capacity is reduced to 25,000 seats after the Games.

Other issues raised by the report include the slow progress in creating the Legacy Delivery Company (LDC), which the EDCST said must be accelerated in order for the development of a framework outlining the legacy benefits of the stadium.

The report said: "The committee has particular concerns that the body set up to manage the legacy has no dedicated budget. The task for the LDC is significant; yet it will have neither planning powers nor control of the land and will have to negotiate with the five host boroughs and other stakeholders.

"We look forward to an early conversation with board members as to the principles they will operate under in terms of engaging with local communities, stimulating business interest and investment and ensuring that a range of sectors are able to 'piggy-back' on the interest generated by the Olympic and Paralympic Games."

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