Hogan Lovells Advises Sport England on Olympic VeloPark Project
29 November 2010
LONDON, 29 November 2010 - Hogan Lovells has advised Sport England, the body responsible for distributing lottery funds for sporting projects in England and Wales, on an agreement with the Olympic Delivery Authority and the Lee Valley Regional Park Authority on the terms of its £10.5 million lottery grant funding towards the London 2012 Olympics VeloPark Project.
Sport England's funds will be used for the development and construction of the VeloPark for the 2012 Games and its subsequent transformation to support "legacy" operation of the VeloPark's facilities. The VeloPark will be used for the 2012 Olympic and Paralympic Games for the track cycling and BMX events and following the Olympics it will be transformed to add a road circuit and mountain bike trails and be operated for elite, community and regional users.
The funding agreement secures Sport England's objectives in the design and operation of the VeloPark including the provision of elite, community and regional sports development strategies during the post Olympic legacy phase.
This is the second funding arrangement Sport England has entered into in respect of the 2012 Olympic and Paralympic Games with the terms having being agreed with the Olympic Delivery Authority and Lee Valley Regional Park Authority in 2009 for £900,000 lottery grant funding towards White Water Canoe and Kayak Slalom Centre being constructed in Broxbourne. Hogan Lovells also advised Sport England on this funding arrangement.
The Hogan Lovells team advising on the funding arrangement was led by Paul Joukador (Partner) with the assistance of Oliver Wilson (Associate) from the commercial department. Jackie Newstead (Partner) and Claire Lau (Associate) also provided assistance assessing associated property law matters.
The Lee Valley Regional Park Authority was represented by Ashursts and the Olympic Delivery Authority was represented by its in-house counsel.
Paul Joukador said:
“We are delighted to have advised Sport England on this very exciting project for London 2012. Sport England are a long-standing client of the firm and we have worked with them on many interesting and high-profile projects including the Wembley and Manchester stadiums.
We continue to be instructed by Sport England on a variety of significant projects including continuing to advise them in relation to their proposed funding of the Aquatics Centre, which will serve as another of the main venues for the 2012 Olympic and Paralympic Games following which it will also be transformed for subsequent "legacy" use.”
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