F1 race at London’s Olympic Park

(GMM) A property developer wants a grand prix to be staged on the roads built for the 2010 Olympic Games.

The city's Evening Standard newspaper said Anthony Spencer has already met with the Olympic Delivery Authority to propose a figure-of-eight layout in Olympic Park, east London.

More meetings are reportedly planned, but the newspaper said the project would also require millions in public investment and the endorsement of F1 authorities and the FIA.

Spencer did not comment, and a source said: "There have been meetings with Mr. Spencer but this proposal has stalled at the start."

Spencer is a development consultant who was involved in London football club Arsenal's move to its current home stadium.