Velodrome bid could bring Olympic glory to the region

Faulkner-Browns, in Newcastle, has been shortlisted and has a strong chance of securing the contract, according to regional development chief Tim Cantle-Jones.

The announcement came as Mr Cantle-Jones, a board member for One NorthEast, pledged the regional development agency's support to all businesses hoping to win contracts for the Games.

He said: "The potential business opportunities are huge. We are looking at about £4bn-worth of contracts coming off the back of the Olympics.

"Our intention is to make sure that, through our business links and network of people, businesses in the North-East are fully aware of how they can get Olympic contracts.

"We will also help North-East firms work together and facilitate consortium bidding for companies that don't feel they are big enough to bid alone."

The contract to design the Olympic velodrome is just one of a handful of larger contracts made available by the London Development Agency, which will be replaced by the Olympic Delivery Authority next year to see through the completion of works on the Games.

Others include work to put the power lines in the Olympic Park underground, design services and demolition contractors.

Most other contracts will not be made available until after 2008.

Mr Cantle-Jones, who is also chairman of the regional sports board, said it was too early to speculate which companies will bid for contracts in the future.

Alan Hall, regional secretary for the Engineering Employers' Federation, said that North-East firms have the skills and expertise to compete for their fair share of the work.

"There is more work than the other regions alone can handle and the North-East is very well placed to take on a range of contracts," he said.

For more information about business contracts linked to the Olympic Games visit www.lda.gov.uk or www.london2012.org

No one at Faulkner-Browns was available for comment.