Kevin Nolan: "You can see that this is a club that has always had the up-and-downs because they haven't been able to splash the cash.
"They haven't had the stadium to create the revenue, so I think this is the perfect opportunity to put this club in amongst the big boys and we have got to make sure now that we stabilise the club in the fact we make sure it is still a Premier League club and even fighting for European places by the time we move here."
The Hammers were named preferred bidders in December but negotiations with the London Legacy Development Corporation (LLDC) have been long and tortuous.
However, the LLDC announced on Friday morning that a deal has now been signed off that sees the Barclays Premier League club become anchor tenants under a 99-year lease.
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The work required to turn the Olympic Stadium, the scene of memorable moments for the likes of Mo Farah and Jessica Ennis, into a multi-purpose venue suitable for Premier League football is to get underway as soon as possible.
Nolan has hailed the decision to have West Ham as the anchor tenants to halt a worrying trend of Olympic venues from previous games being left empty and falling into disrepair.
"You only have to look around the world to see some of the Olympic Stadiums and there is nothing in them," he said.
"They are all white elephants now and would we want to see that after a superb 2012 or do we want to see it packed every two weeks with what brings the excitement of football.
"The country is football-mad - this is going to bring everything together and it is exciting times, I'm delighted for Karren [Brady, West Ham vice-chairman] and the co-chairmen [David Sullivan and David Gold] because they have worked so hard on it and hopefully now we can work hard to make sure we give them what they deserve, and that is Premier League status and improving every year."