Olympics:
Sebastian Coe declared that London had won "the biggest prize in sport" after the 2012 Olympic Games were awarded to the British capital.
International Olympic Committee president Jacques Rogge announced London as the winning bid at 1245 BST on Wednesday, a surprise result as Paris had been an odds-on favourite.
Moscow, New York and Madrid were eliminated from the race in the hours leading up to the big decision.
The Olympics have not been staged in Britain since 1948, and Lord Coe was thrilled to see his dream realised.
"It's massive, it's huge, it's the biggest prize in sport," said Coe, adding this victory was "entirely on a different planet" to his two Olympic golds, won over 1,500m in 1980 and 1984.
Regarding the actual Games and preparations for them, Coe, who replaced American Barbara Cassani as chair of London 2012 in May 2004, said: "I will be involved. It's been a long year. "We have to look at more than just London and work alongside the IOC. We made commitments and we will stick to them."
Coe will keep his connection to the Games as chairman of the London Organising Committee, as will the superb bid chief executive Keith Mills as vice-chairman.
Culture secretary Tessa Jowell will be the Olympics minister and sports minister Richard Caborn, who vowed work would start straight away, is expected to keep a ministerial connection to the Games.
The announcement by Rogge was greeted with wild delight by the 100 official London delegates at the Raffles Plaza auditorium in Singapore.
The shock decision - London beating Paris by 54 votes to 50 - followed two years of intense planning and constant lobbying of the IOC members.
Paris had been the favourite since the start of the contest to win the vote as this was the third time the French capital had bid.
IOC president Rogge may have been rumoured to favour Paris but he too appeared to be beaming after the result.
Rogge said: "We are very, very pleased with the victory of London. It is a high quality bid from people we know will deliver a superb Games."
He also expressed sympathy for beaten Paris, adding: "It's a cruel competition - and you don't even get a silver or gold."
London's victory followed a passionate and inspirational plea by Coe, who told the IOC members they had the opportunity to be "bold" and vote for London and take the Olympic movement forward.
He appealed "on behalf of the youth of today" and explained how he had been inspired to become an athlete as a 12-year-old by watching the 1968 Mexico Olympics on a black and white TV.
He then went on: "Choose London today and you send a clear message to the youth of the world - that the Olympic Games are for you.
"Some might say your decision is between five similar bids but that would undervalue the opportunity before us.
"In the past you have made bold decisions which have taken the movement forward in powerful and exciting ways.
"It's a decision about which city will help us show a new generation their sport matters, that in a world of many distractions that Olympic sport matters, in the 21st century why the Olympic ideal matters so much.
"On behalf of the youth of today and the Olympics of the future we humbly submit the bid of London 2012."
A recorded message from Prime Minister Tony Blair, plus a speech from Sydney gold medallist Denise Lewis also featured in London's presentation, thought by many to have swung the decision in their favour.
Each of the five cities had been given 45 minutes for a final presentation to the 115 IOC members before the vote.
Later the official voting figures were released, which showed just how tight the decision had been.
In the first round, London received 22 votes, Paris 21, Madrid 20, New York 19 and Moscow 15.
Most of the Moscow voters - perhaps still loyal to Spanish former IOC president Juan Antonio Samaranch, a former ambassador in Moscow - then swung behind Madrid while New York's support ebbed away.
Madrid actually won the second round (Madrid 31, London 27, Paris 25, New York 16) and New York's elimination was great news for London who took a strong lead to win the third round (London 39, Paris 33, Madrid 31).
Then came the final vote - a head to head between London and Paris - which resulted in the historic decision welcomed so warmly by Coe.
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