Vinci Stadium, subsidiary of French venue operator Vinci Concessions, has signed a 25-year contract to operate London’s Olympic Stadium.

Vinci’s existing stadium portfolio includes the Stade de France in Paris and the company will take control of the London venue later this year. Vinci's first major event will be to host five games of the Rugby World Cup 2015 in September.

Alongside managing the stadium, Vinci will also manage the London Marathon Charitable Trust Community Track and events on the south park lawn, below the ArcelorMittal Orbit.

As part of the 25-year agreement, the company will work with the E20 Stadium Partnership to promote sport and healthy living in the local area and deliver mass participation events such as the Great Newham London Run.

David Goldstone, CEO of the London Legacy Development Corporation, said: "This marks another step forward in the long-term future of the stadium.

“Vinci has a great track record and a wealth of experience in managing world-class venues. We are looking forward to working with them and delivering a multi-use stadium capable of hosting a range of different sports and events, including this autumn’s Rugby World Cup."

• In October 2014, it was revealed that the cost of converting the London Olympic Stadium into a 54,000-capacity multi-use stadium is set to rise from £154m to £190m due to complications in installing the new roof.