The IOC has agreed to scrap plans for a new temporary venue near the London Olympic Park and will house badminton and rhythmic gymnastics in an existing venue because of the "exceptional circumstances" of the recession.

London 2012 organisers proposed switching venues to keep costs down and have both events at Wembley Arena during the longest and deepest downturn in decades, despite initial protests from the sports' bodies.

The decision follows months of uncertainty, but the IOC denied the deal would set a precedent for future bid cities to change their plans.

"We just hope we won't have a world financial crisis every four years," Denis Oswald, head of the IOC's co-ordination commission, said at the end of a two-day visit yesterday.

"This is, I think, exceptional circumstances, and when we had the request of using an existing facility rather than building a temporary facility, which would not leave any legacy, we found it was reasonable.

"But it does not mean that we would accept it under any circumstances."

A final agreement on scrapping the North Greenwich Arena 2 in favour of Wembley Arena is not expected until early next year after the sports federations have discussed the deal at their board meetings.