Barr Construction has won the £58m contract to build the 2012 Basketball Arena and rent it to the Olympic Delivery Authority (ODA) for the duration of the London Olympics.
The innovative deal means the Scottish contractor will build and own the 12,000-seat stadium.
The ODA will pay a rental fee for the portable structure throughout the games, then Barr will dismantle it and move the whole structure or parts of it on to the next major event.
Detailed designs for the temporary structure will be finalised in October, with construction work due to start on site in early 2010.
The £58m contract value covers the construction cost of the arena and dismantling it. Building it to permanent specifications would have cost nearly £120m.
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