An influential London Assembly committee claimed  that ambitious targets must be set on the number of local people who will be employed on the park following the Games and called for all venues to be made available for community use.

"Time is running out and we are in real danger of missing a historic opportunity to transform some of Britain's most deprived communities," said Dee Doocey, the chair of the Economic Development, Culture, Sport and Tourism Committee.

The report claimed that there is a fear local people could miss out on the potential financial benefits of Olympic Park with "wealthy outsiders taking over the Stratford site".

"My concern is that unless there is some dedicated funding put in, I can't really see how a lot of the aspirations can be turned into achievements," said Doocey.

"Too few jobs have gone to local people, there is a tiny percentage of apprenticeships, no guarantee that the housing will go to local people rather than wealthy newcomers and, in my view, a high risk that many of the Olympic venues could become white elephants if something isn't done."

Doocey said the biggest challenge facing OPLC chairman Margaret Ford and chief executive Andrew Altman was deciding what to do with the Olympic Stadium.

West Ham United's new owners recently signalled their desire to move into the Stadium following the Games, which would mean retaining a capacity of 80,000 or 55,000 rather than the 25,000 originally envisaged.

But organisers are also committed to retaining the athletics track and there is a debate over who would pay for the £100 million plus conversion work that would be required.

The report estimated that the current plan of downsizing the Stadium and becoming an athletics venue has only a 20 per cent chance of succeeding.

They rate with even less certainty the chance's of the Main Press Centre being developed for commercial use as planned.

"Certainty of plans" for the project is estimated at only 10 per cent.

"Essentially a gigantic metal warehouse. Innovative cladding and reworking of the facade has dispelled most fears that it will sit as an eyesore at the edge of the Park," the report concluded. 

"However, no tenants have been found post‐2012."

Doocey said: “East London deserves a lasting legacy from the Games and I hope the Mayor and OPLC act on these recommendations."

A spokesperson for the OPLC told insidethegames: “We welcome this report and the committee’s ongoing commitment to work with us to create a lasting 2012 legacy.

"The development of a new metropolitan area that is integrated with its surroundings and provides employment and sporting opportunities for local people, along with securing a viable legacy use for the Olympic venues, are among the fundamental aims of the company which we are laying down in our corporate plan."

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