Northern Ireland reaction: Northern Ireland stands to benefit from the awarding of the Olympic Games to London, and officials connected to the bid have outlined what they see as five main benefits flowing from the staging of the Games in Britain.
It is claimed the Northern Ireland economy will benefit from the spin-off which follows the Games and there will be added opportunities to showcase Northern culture and tourism.
It is further anticipated that volunteers from the North will help make up the 70,000 needed to stage the 2012 Games.
Training camps could also be established by overseas teams planning not to go to London until just before the games begin.
Prof Eric Saunders, chairman of the NI Sports Council, said last night: "It is likely we will have a number of training camps. The United States team have said they don't want to go to the mainland."
The British bid emphasised the importance of the location of the Games in the East End of London; this does not mean, however, that no sports will be hosted outside England.
Former Irish boxer Hugh Russell said the Odyssey Arena in the Belfast docklands could be considered. Russell - who won a bronze medal in Moscow in 1980 - believes the venue, normally used for ice hockey and concerts, could host boxing.
More likely, however, is the playing of up to three games in the Olympic soccer tournament.
"There is a strong possibility that soccer will be staged here, but this depends on a multi-sports stadium (being built), said Saunders. "There is no way the Olympics will come to Northern Ireland without that stadium, so this announcement should give this some impetus."
The British government has identified a site at the former Maze prison - just 10 miles via the M1 motorway from the centre of Belfast. A 30,000-seater stadium costing £55 million (€82 million) is awaiting an economic assessment before being given the go-ahead. The facility could be in place by the end of 2007.
The Irish Football Association, GAA and IRFU have already said they would consider staging games at any new shared stadium which would be dependent on the participation of all the major sporting codes.
Eamonn McCartan, chief executive of the Sports Council, said there was a good chance that three of the Olympic soccer matches would be played in Northern Ireland.
"We hope this now will have an impetus towards the building of a new national stadium," he said. "It's my belief that the three games will be played in a new venue."
Hampden Park, Glasgow, Villa Park, Birmingham, St James' Park, Newcastle, and Old Trafford, Manchester, have already been earmarked as venues for Olympic soccer matches.
The Northern Ireland sports minister, David Hanson, said the awarding of the 2012 Games to London was "wonderful news".
"It is a reflection of the enthusiastic support for the bid from around the regions of the UK, and Northern Ireland can be justly proud," he said.
Mary Peters, who won pentathlon gold at the 1972 Munich Games, said Belfast would also benefit from the 2012 Games.
"I come from Belfast and we are going to benefit just as much as the people of England because we are only an hour's flight away," she said. "We hope that some of the teams will come and do pre-Games training there."