SPORT England, the nationwide sports funding body, said London would host the "best Olympics ever" as it hailed yesterday's IOC decision in Singapore.
Matt Delaney, regional director of Sport England in London, said: "This is fantastic news for London.
"Sport England's priority will be to support the Games. London is committed to creating the very best sporting opportunities and delivering the best Olympics ever."
It was revealed today a National Lottery competition will be launched as one of the funding streams for the £2.375 billion budget.
Mr Delaney said the organisation has already overseen significant investment in new sports facilities, including £40m in a new Aquatics Centre in Stratford and £10.5 million to be put into a VeloPark in Lea Valley Park.