Story highlights Soccer club West Ham selected as preferred bidder for London's Olympic Stadium

Premier League side beat off competition from third-tier team Leyton Orient

Reconstruction work on the arena expected to cost between $210-240 million

U.S. president's favorite English team will contribute $24 million

Barack Obama received the backing of a nation when he was elected for a second term as U.S. president last month, and now his favorite English soccer club has also won a significant ballot.

English Premier League side West Ham United -- the team of choice of the 44th president of the United States -- has been selected as the preferred occupant for London's Olympic Stadium, the venue which hosted the 2012 Olympic and Paralympic Games.

The London Legacy Development Corporation (LLDC) announced on Wednesday that the east London club -- whose stadium is located near to the former Olympic Park site in Stratford -- had beaten off competition from neighboring third-tier team Leyton Orient, a proposed sports university project and a consortium looking to bring Formula One to the British capital.

"The LLDC's board unanimously agreed that West Ham United's bid for a concession to play at the Olympic Stadium should be ranked highest of the bids received, and that negotiations should be held with the club on final commercial terms for them to move to the stadium," read a statement on the organization's website.

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Photos: London's Olympic legacy in action Photos: London's Olympic legacy in action Park life – The forecasted cost of the Olympics and Paralympics is £8.921 billion ($14.236 billion). The English capital became the first city to host the Games on three occasions. Hide Caption 1 of 4 Photos: London's Olympic legacy in action A summer to remember – The future of the Olympic Stadium has yet to be decided. English Premier League football club West Ham United has bid to move into the arena, along with third-tier team Leyton Orient, a football business college and a group who hope to host Formula One races there. Hide Caption 2 of 4 Photos: London's Olympic legacy in action Men at work – Workmen have already begun the task of transforming the Olympic site. Hide Caption 3 of 4 Photos: London's Olympic legacy in action Olympic Stadium: Unwrapped – The wrapping which surrounded the stadium is to go as part of the renovation. Hide Caption 4 of 4

Photos: London 2012: The victory parade Photos: London 2012: The victory parade London 2012: The Victory Parade – The crowd cheers during the London 2012 Victory Parade for Team GB and Paralympic GB athletes on September 10, 2012 in London, England. Hide Caption 1 of 19 Photos: London 2012: The victory parade London 2012: The Victory Parade – 100m Paralympic Gold medalist Jonnie Peacock waves to the crowd during the London 2012 Victory Parade. Hide Caption 2 of 19 Photos: London 2012: The victory parade London 2012: The Victory Parade – The Victory Parade passes through the crowds lining Fleet Street, London. Hide Caption 3 of 19 Photos: London 2012: The victory parade London 2012: The Victory Parade – The Victory Parade progresses along Fleet Street, London. Hide Caption 4 of 19 Photos: London 2012: The victory parade London 2012: The Victory Parade – Cyclist Victoria Pendleton waves to the fans after winning both a gold and a silver medal at the Olympics. Hide Caption 5 of 19 Photos: London 2012: The victory parade London 2012: The Victory Parade – Swimmer Eleanor Simmonds, known as "Ellie", waves to the crowds as she walks along during the Victory Parade. Simmonds won two gold medals and a silver at the Paralympics. Hide Caption 6 of 19 Photos: London 2012: The victory parade London 2012: The Victory Parade – Thousands of spectators filled out Fleet Street, London as the Victory Parade passed through. Hide Caption 7 of 19 Photos: London 2012: The victory parade London 2012: The Victory Parade – Equestrian athlete Zara Phillips smiles for the camera with her Olympic Three Day Event silver medal alongside Olympic diver Tom Daley. Hide Caption 8 of 19 Photos: London 2012: The victory parade London 2012: The Victory Parade – Daley shows off his Olympics bronze medal to the crowd. Hide Caption 9 of 19 Photos: London 2012: The victory parade London 2012: The Victory Parade – A rear view of one of the floats as it passes along Fleet Street, London. Hide Caption 10 of 19 Photos: London 2012: The victory parade London 2012: The Victory Parade – Olympic boxer Nicola Adams smiles as she holds up her gold medal for the camera. Hide Caption 11 of 19 Photos: London 2012: The victory parade London 2012: The Victory Parade – A marching band forms part of the Victory Parade. Hide Caption 12 of 19 Photos: London 2012: The victory parade London 2012: The Victory Parade – Members of Team GB greet spectators as the Victory Parade passes along Fleet Street, London. Hide Caption 13 of 19 Photos: London 2012: The victory parade London 2012: The Victory Parade – Members of Paralympic GB atop one of the floats. Hide Caption 14 of 19 Photos: London 2012: The victory parade London 2012: The Victory Parade – Olympic gold medal winning archer Danielle Brown waves to the crowd. Hide Caption 15 of 19 Photos: London 2012: The victory parade London 2012: The Victory Parade – Members of the Olympics rowing team create a pyramid atop one of the floats. Hide Caption 16 of 19 Photos: London 2012: The victory parade London 2012: The Victory Parade – Spectators watch the Victory Parade as it passes by on Fleet Street, London. Hide Caption 17 of 19 Photos: London 2012: The victory parade London 2012: The Victory Parade – Track sprinter Dwain Chambers salutes the crowd. Chambers almost missed out on participating in the Olympics after failing a drugs test in 2003. His life ban was overturned in April, 2012. Hide Caption 18 of 19 Photos: London 2012: The victory parade London 2012: The Victory Parade – Mayor of London Boris Johnson cycles along the parade route ahead of the arrival of the Team GB and Paralympic GB athletes. Hide Caption 19 of 19

West Ham had initially tried to buy the stadium and was named the preferred bidder in February 2011, but that deal collapsed in October of that year after threats of court action from rival candidates and an independent review of the process.

The stadium was then offered to potential tenants, and from an initial 16 interested parties the list was cut to four bidders in March 2012.

Despite backing West Ham's bid for the 80,000-seater arena, the LLDC insisted any future tenant would have to accommodate the 2017 World Athletics Championships.

If West Ham cannot cater for track and field, the club would be unable to complete its proposed move to the site.

"If a football use can be agreed the stadium would be reconfigured to provide a retractable/moveable seating solution so there could be a quick change over between athletics and football use," the LLDC said.

"The legacy corporation recognizes that West Ham and other parties may not be able to meet the necessary conditions, so is progressing a detailed design for a non-football option. This would allow the stadium to be brought back into use as soon as possible."

West Ham's joint chairmen David Sullivan and David Gold hailed Wednesday's announcement as the latest step in realizing the vision they had for the club when they purchased a 50% shareholding for $85 million in 2010.

"We are ambitious for our great club and aim to set the benchmark for visiting away and neutral football supporters from across the globe to come and enjoy the iconic Stadium and be part of our Premier League club experience," they said in a statement.

Reconstruction work on the stadium, including extending the roof and adding retractable seating, will reportedly cost between $210-240 million and will be funded by a mix of public money and a $64 million loan from the local Newham Council.

West Ham is expected to contribute $24 million to the restructuring of the public-funded stadium, which cost $690 million to build.

The club returned to the English top flight in August following relegation in 2011, and has made an encouraging start to the season under the guidance of manager Sam Allardyce, sitting eighth in the table with 22 points from 15 matches.

Obama has reportedly been a fan of "the Hammers" since a trip to England several years before his election to office in 2008.