In 2009, at the time work began on the construction of the velodrome, the estimated cost of that facility alone was £105 million.
Work on the Velodrome was completed in February 2011. The Velodrome was the first Olympic Park venue to be completed. The roof is designed to reflect the geometry of cycling as well as being lightweight and efficient reflecting a bike. There is also a 360-degree concourse level with windows allowing people views of the Olympic Park.
The Velodrome is energy efficient—rooflights reduce the need for artificial lights, and natural ventilation reduces the need for air condition. Rain water is also collected, which reduces the amount of water used from the municipal water system. Designer Ron Webb who designed the Velodrome tracks for the Sydney and Athens Games was in charge of the design and installation of the track. The 250-metre track was made with 56km of Siberian Pine and 350,000 nails.
The Velodrome was officially opened by many successful British athletes including Chris Hoy and Victoria Pendleton. It is informally known as 'The Pringle' due to its distinctive shape. It was shortlisted for the 2011 RIBA Stirling Prize and won the 2011 Structural Awards Supreme Award for Structural Engineering. The venue was used for the first time in competition during the UCI Track Cycling World Cup Classics in February 2012. The velodrome will also be used for the 2012 Paralympics.