The preferred bidder for the lease of the Olympic Stadium proposes to retain an athletics facility there after the 2012 Games. The International Association of Athletics Federations (IAAF) World Championships in Athletics (WCA) is the main signature athletics event which could be accommodated in the Olympic Stadium after the 2012 Games. The WCA 2017 event represents the biggest and most high profile opportunity for launching the legacy of the Olympic Park and a potential economic benefit to the city of over £100m. The event would provide a positive athletics legacy for London and the UK allowing stakeholders to provide a platform to build on the interest in the sport with local communities, volunteers and sponsors for 5 years after the Games. In March 2011, UK Athletics (UKA) has submitted a non-binding letter of intent to the International Association of Athletics Federations (IAAF), informing them of their intention to bid for the IAAF World Championships in Athletics (WCA) in 2017. This MD requests approval for the preparation and submission of a bid for London to host the WCA 2017 in the Olympic stadium, including: providing a financial contribution to bidding costs; the GLA to be a party to the IAAF Event Organisation Agreement with UKA and thereby being responsible with UKA for delivery of the WCA 2017; making a financial contribution toward the hosting costs, such hosting costs being shared with UK Sport. (UKA will provide benefit in kind and the government will underwrite the cost of the WCA 2017 under a Memorandum of Understanding (MOU) and any relevant guarantees).