Linked to the development of the national football stadium at Wembley is the redevelopment of 51 acres of surrounding land, which includes Wembley Arena.
The principal landowner is seeking to dispose of its interests around the proposed stadium and interest from potential purchasers is high. Without the Stadium, this interest may melt away, leaving the location to spiral into decline with an uncertain future.
If the plans for a new national football stadium at Wembley are halted, the planned£170m improvements to the transport infrastructure will be lost. Without the improved transport links and without the pulling power of the Wembley brand name the developers are almost certain to end their interest in the land.
Mayor of London Ken Livingstone said: 'The uncertainty over Wembley's bid for the new national stadium is putting at risk one of the world's biggest urban redevelopment opportunities. The knock on effects of this could ruin the regeneration of the entire borough and put at risk 10,000 existing jobs and the opportunity to create 10,000 more.'
The 51 acres of land for redevelopment around Wembley stadium includes Wembley Arena, Wembley Conference Centre, and the Wembley Exhibition Halls.
The mayor has launched the 'It's Got to be Wembley' initiative along with Geoff Hurst to inform the government inquiry into the future of the stadium headed by businessman Patrick Carter, which is due to report in August.