The chairman of the ODA John Armitt said the velodrome would be a "world-class cycling venue with a record-breaking track for events in 2012 and the legacy of first-class facilities to help create the next generation of Olympic champions".
The DCMS emphasises the inspiration to youngsters to take up sport as one of the public benefits of hosting the Games, on top of the regeneration of deprived parts of London and a legacy of world-class facilities.