Once reduced to 25,000 the stadium will be far more useful as an intimate athletics venue, and be of more use for the local community (I believe a school and university will use it)
However I'd probably dispute the idea that there hasn't been investment in world-class arenas in recent years. I suppose that would depend on how you define world class - but London alone has seen in the last few years, the various world class projects:
- A completely re-built Wembley (90,000)
- An expanded Twickenham (82,500)
- The opening of the 02 Arena (20,000+)
- The opening of the Emirates Stadium (60,000)
- An expanded Oval (23,000)
- A redeveloped Wimbledon
While not a stadium, and just outside London - Ascot (80,000) was re-built as well, If there is one thing we excel at it is sports venues - there is something like 1,000,000 seats either built or u/c in London at present - more than any other city on the planet!
We're pretty obsessed with sport, even though we tend not to be the best on the pitch/court/field!