The centre piece Olympic Stadium is on track to become a £500m white elephant after Leyton Orient's Chairman said the design had "no commercial value."

The Olympic Delivery Authorities instance of an athletics track around the 80,000 seater stadium, which keeps fans further away from the action, has put off any major investors taking up residence after the 2012 games – and now a League One team, who previously bid for the grounds, have gone cold.

West Ham United FC, Saracens RFC, and Wasps RFC have all gone off the idea off moving to the Stratford site, which will be reduced to a 25,000 seatter after the Olympics. It was originally budgeted for £280m.

Something "nobody wants"

O's Chairman Barry Hearn told The Times the ODA plans "jepodises its long-term use and will turn it into something "nobody wants". He added:

"It beggars belief that such expense is being lavished on a stadium where grass will grow out of the seats by 2014".

A question of legacy

Former 1500m athletics gold medallist and ODA chief Lord Coe, has insisted an "athletics legacy" with a sports academy and, according to the London 2012 website:

"a variety of sporting, educational, cultural and community events".

This is despite comments in October by Jacques Rogge, the president of the International Olympic Committee that athletics is not the leading priority. The IOC has been emphatic in its determination that there will no longer be Olympics white elephants. He said:

"If the best solution is to transform the track into something else then we would be in favour of that.

"We had the same situation in Atlanta where the Olympic stadium was changed into a baseball stadium, which kept an interest for sport. We don't have problems with that. I don't want to enter into specifics but we don't want to leave white elephants."

"No commercial value"

Mr Hearn said:

"They are pushing through with a design that has almost no commercial value and which nobody wants. The design they've got at the moment would destroy the atmosphere of football and rugby games. Nobody will attend the odd athletics meeting.

"It may be too late because the construction is already pushing forward. But if they can get over the athletics legacy we'll be there instantly, tomorrow. I've said to them that my club and Saracens, two huge brands, can make them a fantastic offer as part of a joint venture, but they say no. A football or rugby club is the only way to fill it regularly – and we know that's what they think because they're keen for offers."

Mayor concerned

Mayor Boris Johnson is also said to be concerned about the prospect of no permanent tenants. Just last night the London organising committee was adamant they should be found in the near future.

"We are very clear that the stadium will be a multi-sport venue in legacy, both for elite and community use – so used by potentially a number of sports but with athletics at its core", a spokesman said.