(CNN) -- Barack Obama received the backing of a nation when he was elected for a second term as U.S. president last month, and now his favorite English soccer club has also won a significant ballot. English Premier League side West Ham United -- the team of choice of the 44th president of the United States -- has been selected as the preferred occupant for London's Olympic Stadium, the venue which hosted the 2012 Olympic and Paralympic Games. The London Legacy Development Corporation (LLDC) announced on Wednesday that the east London club -- whose stadium is located near to the former Olympic Park site in Stratford -- had beaten off competition from neighboring third-tier team Leyton Orient, a proposed sports university project and a consortium looking to bring Formula One to the British capital.
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Soccer club West Ham selected as preferred bidder for London's Olympic Stadium
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Premier League side beat off competition from third-tier team Leyton Orient
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Reconstruction work on the arena expected to cost between $210-240 million
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U.S. president's favorite English team will contribute $24 million
"The LLDC's board unanimously agreed that West Ham United's bid for a concession to play at the @placeholder should be ranked highest of the bids received, and that negotiations should be held with the club on final commercial terms for them to move to the stadium," read a statement on the organization's website.