The comments come following a high-profile row earlier this year between the BOA and London 2012 in which the BOA disputed the amount of surplus that would be allocated to them after the Olympic and Paralympic Games.

The BOA's action was spearheaded by Moynihan but he has looked to signal that the row is well and truly over by showering praise on the London 2012 Organising Committee on this major milestone day.

"The stage is now set for what will undoubtedly be a successful Olympic and Paralympic Games, and we look forward to welcoming to the United Kingdom our National Olympic Committee colleagues and their athletes for this global celebration of excellence, friendship and the human spirit," said Moynihan.

"LOCOG is to be congratulated for the outstanding job it has done in building a theatre worthy of the world's greatest athletes.

"With the stage now set, the spotlight shifts to the athletes who will fill this grand theatre and thrill fans from around the world with their performances.

"Across all of our summer sports, the talent and depth being developed is unprecedented, and that is a credit to the dedication of the National Governing Bodies and the athletes.

"London 2012 will be the most competitive Olympic Games in history, with more countries capable of placing athletes on the podium than ever before.

"We are confident of delivering our aspiration for Team GB to win more medals across more sports than for over a century."

BOA chief executive Andy Hunt added that British athletes must fully embrace the chance to be involved in a home Olympic Games next year.

"With one year to go, our message to aspiring Team GB athletes is this: remain confident in your preparations, fully embrace this once-in-a-lifetime experience, and feel the momentum of an entire nation behind you, willing you to succeed," said Hunt, who will also be Team GB Chef de Mission for the London 2012 Olympics.

"For many athletes, today's celebration represents an arrival at the doorstep of history.

"The years of sacrifice and struggle will soon be rewarded with the ultimate honour - the opportunity to compete for Team GB, and to do so in a home Olympics.

"At the BOA, we are working in close partnership with the sport Performance Directors and Team Leaders to make certain that nothing is left to chance and to make sure that the 550 athletes, from 26 sports, who will represent Team GB next summer, are able to fulfil their potential at the greatest moment of their sporting careers."

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