GREAT Britain is already well endowed when it comes to Olympic memories. From Mary Peters' pentathlon gold in 1972 to Dame Kelly Holmes' tears of joy some 32 years later, Britain has hardly been starved of unforgettable Olympic moments.

But none have had the same impact or importance as yesterday's incredible announcement in Singapore.

From the moment International Olympic Committee president Jacques Rogge enunciated the first syllable of "Lon-don", sport in this country changed beyond all recognition.

Make no mistake about it, the decision to award the capital the 2012 Olympic Games is the biggest thing ever to have happened to British sport.

Forget England winning the football World Cup in 1966 and forget Jonny Wilkinson slotting the winning drop goal in rugby's World Cup final in 2003.

Those were momentous achievements that will continue to live long in the memory and the sepia-tinged mists of time.

This is about so much more. This is not a one-off success that will burn brightly before gradually flickering from view. This is a landmark moment that will ensure sport in this country is completely and utterly transformed.

No longer is it something to be dismissed as a triviality compared with the great affairs of state. No longer is it something to be shuffled to the bottom of the Prime Minister's in tray as school playing fields are sold off and the nation continues to grow more and more unhealthy.

Instead, sport can take its rightful place at the heart of Britain's social and cultural fabric.

If hosting the 2012 Games achieves nothing else, it will ensure that a whole generation of Britons grow up knowing and appreciating the intrinsic value of exercise and sporting competition.

One of London's key buzzwords during the bidding process to host the Games was "legacy". The IOC, who consider the Olympics to be a powerful force for global change rather than a collection of loosely-related sporting events, were won over by Sebastian Coe's vision of a Games that would make a lasting difference to the infrastructure and attitudes of one of the world's greatest sporting nations.

They were clearly impressed with plans to regenerate huge chunks of London's East End and entirely revamp the capital's ailing transport system.

But, ultimately, they were won over by the London team's promise to enrich the lives of millions of millions of children.

While France wheeled out Jacques Chirac to outline the technocratic merits of the Parisienne bid, Britain called on youngsters from a range of East End schools to highlight the emotional appeal of their proposals.

Thanks to their efforts, a whole generation will find their lives enriched by the facilities and coaching programmes that will spring up to support the 2012 Games.

Finally, funding will be found to build the swimming pools and running tracks that Britain's sporting bodies have been crying out for.

With the prospect of a London Games to aim for, boys and girls that might otherwise have turned their backs on sporting pursuits will be tempted to try their hand at javelin, judo or any of the hundreds of disciplines that make up the Olympic programme.

And, in their wake, another generation of children will be inspired by the ability to watch world-class sports stars competing on their own doorstep. They will marvel at Britain's new sporting heroes and be inspired to follow in their footsteps, safeguarding the future of sport in this country for many years to come. That is a legacy worth celebrating and a legacy that will impact upon us all.

There will be those who argue that the vast monetary cost of staging the Games - currently estimated at £5bn - far outweighs the material or immaterial benefits that will result from it.

There will also be those, particularly in areas like the North-East, who question the value to them of an Olympics staged more than 400 miles away in a capital city that already receives more than its fair share of benefits and perks.

But those comments miss the point. They make parochial and narrow-minded criticisms of a once in a lifetime opportunity for tangible progression and change.

In the last 24 hours, Britain has become a better place. It is a more confident place, safe in the knowledge that it can celebrate its aspirations and values on the global stage, and it is also a more dynamic place, eagerly awaiting the physical and social changes that lie in wait over the next seven years.

"It's just the most fantastic opportunity to do everything we've ever dreamed about in British sport," said Lord Coe last night. From this morning, those dreams can start to become reality.