Crystal Palace to be saved

A deal to finance an overhaul of Crystal Palace's run-down sports facilities was agreed yesterday, saving a major embarrassment to London's 2012 Olympic bid.

It was announced yesterday that the stadium will receive Sport England money to bring the track up to Grand Prix standard by the summer. The London Development Agency will take over the lease from Sport England in two years' time.

Richard Caborn, the Minister for Sport, said: "Crystal Palace is part of our sporting heritage. I'm glad that this Government - in partnership with the GLA [Greater London Authority], the LDA, Bromley Council and Sport England - has managed to find a solution for its future."

London's Mayor, Ken Livingstone, said: "The deal is good news for London's Olympic bid."