Opened in 1964, the sports centre was the site of the first women’s FA Cup Final in 1971 and has hosted cricket, basketball, rugby, American football and motor-racing.

It has also been the venue for international swimming and diving competitions but in recent years centre has fallen into disrepair.

Announcing funding for the “once-in-a-generation redevelopment”, Mr Khan said the site would be viable “for decades to come”.

He noted how many UK sporting stars have started their careers at the competitions hosted at the park, which he said he recognised was in need of “major investment and refurbishment”.