London has been selected as the host of the 2017 World Athletics Championships.
The UK capital beat a rival bid by the Qatari city of Doha by 16 votes to 10.
The decision means that the £500m Olympic Stadium in Stratford will keep its athletics track until the world championships.
Announced at the Fairmont Hotel in Monaco, the decision was the result of a vote by the 27 members of the International Association of Athletics Federations council.
London's presentation featured contributions from Sports and Olympics Minister Hugh Robertson, London mayor Boris Johnson, former Olympic heptathlon champion Denise Lewis and world junior champion Jodie Williams.
Williams, 18, could be at her peak in 2017 and revealed her "ultimate dream" is to compete for a senior world title on home soil.
Speaking from Monaco, Lord Sebastian Coe thanked staff members, the media and Mayor of London Boris Johnson for their support. "We will not let you down," he said.
Mayor of London Boris Johnson tweeted: "A cracking bid from #London2017 has paid off for the capital today, fantastic news."
Robertson said he was "absolutely delighted" adding "Our bid showed how passionate the UK is about athletics and this will leave a fantastic legacy from London 2012, with the championships taking place in the Olympic Stadium."
Prime Minister David Cameron vowed to make the championships "the most successful ever". He said: "This is great news both for London and the whole country. There is no better way to follow the Olympics, and to build on its legacy, than by welcoming the world's greatest athletes back to London for the 2017 World Championships."
London has come up short twice before in its bid to host the event. The 2005 championships had to be handed back after a planned £100m stadium was deemed too expensive in 2001.
The budget for the championships will now cover the event's £5m prize fund, it was announced, after Doha offered to do the same.
The city's bid to host the 2015 championships was dropped due to uncertainty over the plans for the Olympic Stadium.
Winning the bid will be a relief for ministers and the Olympic organisers. Robertson cited the need to bring more certainty to the bid when terminating the deal to hand the Olympic stadium to West Ham Football Club after the Olympics.