West Ham United's move to the Olympic Stadium has been welcomed by Mayor of London Boris Johnson and Mayor of Newham Sir Robin Wales alike.

The two politicians have spent months on opposite sides of the negotiating table - working alongside the club's Board and the London Legacy Development Corporation (LLDC) - working out a deal that will enable the Hammers to move into the iconic London 2012 venue in 2016.

On Friday, at the historic Forman's Fish Island smoked salmon factory in the shadow of the Olympic Stadium, both Mayors spoke glowingly of the club's impending move to Stratford and their hopes for a positive future on and off the pitch.

Chairman of the LLDC and Mayor of London Boris Johnson said: "Welcome to this great temple of salmon and to the deal they said would never be done. There were some people, you may remember, who doubted this city's ability to deliver a famous and successful Olympic Games but they were then confounded and changed tack.

"They then began to doubt about the economic future of those fantastic venues, above all the stadium that entered the hearts of the nation in the summer of last year.

"Those doubters and cynics pointed, quite rightly, to the other Olympic Stadia around the world where the buddleia is sprouting up through the concrete and nothing is running down the track except tumbleweed.

"For that reason, I am delighted to announce that our fantastic stadium will host community sports, rock concerts, athletics and all sorts of other sports where the ball is not necessarily spherical.

"This Olympic Stadium will now be the home of a great London football club that gave this country Bobby Moore, Trevor Brooking and Geoff Hurst - and of course Alf Garnett as well!

"After a massive, long negotiation which went well into extra-time - my last conversation with David Sullivan was at 10.30pm on Thursday night - I want to pay tribute to both teams for a deal that I think is great for West Ham, great for London and great for football and which fully protects the interests of the tax-payer.

"Not only does it mean there will be no more subsidy going into the running of the stadium, but it will actually yield revenues for London as well.

"I want to particularly thank Kim and Sir Robin and everyone on the West Ham team - David Sullivan, David Gold and Karren Brady - and I want to pay tribute to my own team - Dennis Hone and Neil Coleman.

"As any viewer of The Apprentice would expect, it has been a joy and a challenge to negotiate with Karren! Occasionally, one side would accuse the other of moving the goalposts, but I'd say 'That's the point' because we're moving the goalposts, the seats and the roof but we're keeping London's great Olympic Stadium.

"We're going to use it, among other things, as the home of a hallowed and historic London football club and, with eight out of the eight Olympic venues now accounted for, we are delivering the most-effective Park transformation any Olympic city has ever seen and an Olympic legacy of which I think London and the country can be very proud indeed."

Olympic Stadium

The two Mayors with the Joint-Chairmen and Vice-Chairman

Mayor of Newham Sir Robin Wales said: "Newham has been committed from the start of this long process for ensuring a lasting legacy for the Olympic Stadium, for the benefit of Newham residents, London and the nation as a whole.

"Transforming the East End was a key promise in the Olympic bid and we, in Newham, now are investing £40m into converting this stadium into a world-class, multi-use attraction which will give us a 35 per cent stake in what is the greatest stadium in the world. It will be the beating heart of the Olympic Park and east London.

"Our investment in the stadium will be returned by a share of revenue and I think Boris is right - we are going to see some great revenues coming from what is going to be a wonderful stadium. That will enable us to support residents into jobs in what is an inspirational place. It will provide tickets to the stadium as rewards for those who put something back into our community.

"It will give local sports clubs access to our Olympic community track. We might another local sporting great like Christine Ohuruogu and it will fire the ambition of Newham children as they cross the same finishing line as their sporting heroes.

"We welcome the decision that West Ham has been chosen because West Ham is a community club, a Newham club and they share our vision for east London. They have been that community club in Newham for the last 100 years and this decision ensures they will remain that for the next 100 years.

"Newham Council has worked long and hard and I would like to pay tribute our Chief Executive Kim Bromley-Derry and our officers who have worked very hard with West Ham and the LLDC to bring this difficult deal to a conclusion.

"Now that the deal has been signed, we can provide a century of benefits for Newham residents - millions of tickets, exclusive community days in the stadium for local people, the majority of the new jobs going to local people.

"It's been a long time coming, but it's the right decision for Newham, for London and for the nation - together we are going to transform this magnificent stadium, achieve its potential and deliver Great Britain's legacy promise."