Plans for the Olympic Park after 2012 have taken another step forward with agreement on a new alternative scheme to create a road cycle circuit and park.

The new plan has been agreed by British Cycling, Sport England, Lee Valley Regional Park Authority, who will own and operate Lee Valley VeloPark after the Games, and the Olympic Park Legacy Company who issued this joint statement:

"We are pleased to announce an agreement for an alternative scheme to create a world-class road cycle circuit and a spectacular new park in the north of the Queen Elizabeth Olympic Park.

"The plan proposes that the consented one mile cycle circuit route is amended to create a new area of open space and accessible riverside, along with a large park for families and local residents to enjoy. The new plan will also ensure that cyclists are able to enjoy a mile long circuit that crosses the river into the parklands.

"The circuit will be part of the wider Lee Valley VeloPark with a new, enhanced area for mountain bike trails directly adjacent to the BMX track, on land to the east of the Velodrome.

"The agreement on the new plan is a significant milestone in the development of the Park and reflects the long-term commitment of all parties to work together to achieve an exemplary park with sport and neighbourhoods at its heart.

"All partners will be working together, and with local cycling groups, on the technical aspects of the scheme to finalise the design and enable the Olympic Park Legacy Company to prepare a new planning application. The Legacy Company has withdrawn its two current planning applications for an alternative cycle scheme and works to the parklands."

The new plans have been agreed with the support of the Mayor of London, the Government and The London Marathon Trust.