Sebastian Coe, the chairman of London 2012, and John Scott, the chief executive of Glasgow 2014, have signed a Memorandum of Understanding (MoU).

Under the terms of the MoU, London 2012 will share information with Glasgow 2014 in a number of areas, including volunteers and sponsorship.

After the 2012 Olympics and Paralympics have finished London may also a sell of variety of hardware, software and other computer equipment to Glasgow 2014 at knock-down prices.

The deal has been designed to help Glasgow maximise the benefits of London hosting the Olympics, only the second occasion that a Commonwealth Games has been held in the same country so soon after an Olympics.

The only previous time was when Montreal hosted the 1976 Olympics and Edmonton the Commonwealth Games two years alter.

Coe said: "Scotland’s double opportunity to reap benefits from hosting two of the world’s largest sporting events is boosted with agreement and transfer of knowledge that lies at its heart.

"Today’s agreement paves the way for both London 2012 and Glasgow 2014 to enjoy the greatest possible success, and furthers a broader legacy aim for the UK to be the place to turn to find the very best people to deliver global events."

Scott said: "To have the Commonwealth and Olympic and Paralympic Games within two years of each other in the same country is unpredecented, and the understanding we have formally signed today has underlined what a unique opportunity both Great Britain and Scotland have.

"There are so many ways in which Glasgow and Scotland will benefit from London 2012, and the potential sharing of assets such as volunteers and equipment means that we can also provide athletes coming to us in 2014 with the same athlete centred experience that 2012 also aims to deliver."

Glasgow's Hampden Park is due to be one of the hosts for the Olympic football tournament in 2012 but there has been criticism that the cost of staging the Olympics and Paralympics is sucking public money out of Scotland.

Coe will doubtless hope that by signing this MoU he will help stop at least some of that criticism.

Robbie Renwick, a swimmer who competed for Scotland at the 2006 Commonwealth Games in Melbourne and for Britain at the 2008 Beijing Olympics, heralded the new agreement.

He said: "I am really pleased to see how London and Scotland are working together to benefit from each other for these two great sporting events.

"It is brilliant for athletes, keeping us at the heart of the Games, and allowing us to get on with what we are there to do - and that is to have a result on home ground, whether that is in London competing for Team GB, or in Glasgow, as Team Scotland.”

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