London believes it has the winning edge in the race to host the 2012 Olympics by promising a compact games with a sporting legacy that will last for generations to come.

London 2012 chiefs are today stressing to the International Olympic Committee (IOC) that it will reap much greater long-term sporting benefits by staging the games in Britain than either Paris or Madrid, the capital's closest rivals.

There are promises that 80 per cent of athletes will be within 20 minutes of their venues and 50 per cent of all athletes will be living and competing within the Olympic Park based in east London's Lower Lea Valley. The Olympic village and Olympic Stadium, where the opening and closing ceremonies plus the athletics would take place, are a five-minute walk away.

The proposals are being unveiled today in a ceremony attended by Tessa Jowell, the Culture Secretary, Lord Coe, the bid chairman and double Olympic champion, Ken Livingstone, the London Mayor, as well as a number of Olympc athletes.

More than £3 billion has been earmarked to cover the cost of bringing the Games back to Britain for the first time since 1948.

Bidding for the games has boosted the drive for transport and infrastructure projects in the region, according to Mr Livingstone who believes that British passion for sport could help swing votes.

He said: "I want all of us not only to get behind the bid - but to participate in it. The bid belongs to us all - support it and believe in it. It's our chance to renew, revitalise and re-energise our city.

"Nothing could be more inspiring than to compete for the honour, to win it and go on to deliver the most successful games in history."

London was placed third in assessments of the initial bids in May, but new promises have been made of major facilities with a long-term use. London 2012 has recast some of its plans, staging more of the events in east London and clarifying the transport options.

Changes have included moving the shooting events from Bisley to Woolwich, the fencing from Alexandra Palace to the Olympic Park and having the BMX cycling facility in Olympic Park. It is also suggested that that Olympic Stadium could become a London Olympic Institute after the games, serving as a nerve centre for sports medicine and science and different sports bodies.

There is also a claim that 75 per cent of all tickets will cost less than £50. It is claimed that London would be 30 per cent cheaper than Paris and 40 per cent cheaper than New York.

London 2012 chiefs believe that London council taxpayers will not be asked to pay more than the equivalent of 38p per week over the next 12 years to cover the cost of the games. In fact they believe they could make a profit of more than £100 million because their budgeting, on ticket sales and other costings, has been so prudent.

Training facilities for each sport are also revealed for the first time. The 50 venues include schools and community facilities in the east London boroughs where the Games would be held, plus venues such as Newcastle, Hamilton Academicals and Aston Villa's training grounds, the Tottenham Hotspur sports lodge and the Redgrave Pinsent Rowing Lake.