Formula One races could yet be staged at Stratford’s Olympic Stadium, it was revealed today.

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A consortium, Intelligent Transport Services Ltd - in association with F1 -, has been named as one of four bidders to lease the venue.

As expected, West Ham United FC and Leyton Orient FC also have bids on the table and are thought to be leading contenders.

The UCFB College of Football Business - a partnership between Burnley Football Club and the University of Buckinghamshire - is the fourth party.

The bids will now be assessed by London Legacy Development Corporation (LLDC) before a decision is made later this year.

Newham Council confirmed last week that it would invest £40 million in the stadium - but will have no say on the winning bidder.

iCITY has also been given preferred bidder status to become the long-term tenant of the press and broadcast centres.

It proposes to turn the building into one containing a conference centre and a pedestrian square for broadcasting major sporting events, along with cafes, restaurants and bars.

The LLDC board has also selected the winning developer to build the first new neighbourhood on the Olympic Park after the Games.

The developer, which cannot be named until the tendering process is fully completed next week, will start work as soon as the athletes have gone in order for the first homes to be ready at the end of 2014.

Chief executive Andrew Altman said: “Today’s announcements are the culmination of three years’ hard work from the team. “Building on the recent planning approval of our masterplan for the Queen Elizabeth Olympic Park (as it will be known after the Games), they represent a significant milestone in turning planning into reality.

“Through this kind of private investment we can work to create a great employment, housing and sporting legacy for east London.”

London Mayor Boris Johnson, added: “London couldn’t be in a better position to stage the best Games ever with everything ready to go and our legacy plans in great shape.”

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