Around 48,000 cubic metres of material has been excavated from the site to create the bowl, enough to fill approximately twenty 50m swimming pools.
A 1.3m layer of reinforced material is being laid on the ground to provide a firm base for heavy machines to start work early in 2009. These will include piling machines, which will drive concrete columns up to 20m into the ground to form the foundations for the new building.
ODA Chairman John Armitt said: ‘Our VeloPark plans are driven by legacy and together with creating a world-class stage for elite athletes in 2012, the VeloPark will deliver facilities for a new generation of cyclists of all ages and abilities.’
During the Games there will be a 6,000-seat Velodrome and a BMX circuit. After the Games a mountain bike trail and a one-mile road-racing circuit will be added.
Watch a video showing the latest from the VeloPark with comments from Chris Hoy, Olympic gold medallist
Read the full media release