Tony Blair hailed London's victory in the battle to stage the 2012 Olympics today, saying that the city would stage a "fantastic" Games.
The Prime Minister said that the effort by the bid team led by Lord Coe had been "just awesome".
"We have got a great chance now to develop sport in our country and to have a fantastic Olympic Games and then to leave a legacy for the future," he told reporters in Gleneagles, where he is hosting the G8 summit.
Mr Blair revealed he was too nervous to watch the result announced on TV, and went to walk outside as the crucial moment approached.
"I was walking about outside," he said. "I couldn't bear to watch the actual process, which is apparently just as well, because the guy took a long time to open the envelope, so they tell me.
"I got the call from the switchboard.
"It's not often in this job that you punch the air and do a little jig and embrace the person next to you.
"It's a fantastic thing and I am absolutely thrilled."
Mr Blair revealed that when he flew to Singapore on Monday, he thought London was in with only an "outside chance" of securing the Games.
During his 48 hours of lobbying there, he said he was "worried I was getting infected by the general enthusiasm ... (because) I was picking up such strong signals of appreciation for the bid that I began to hope".
Mr Blair said that part of the reason for the victory was the multi-cultural nature of London, where people of all races mix together successfully.
"We have got a capital city that many people do recognise as the greatest capital city in the world at the moment, and the Olympic Games will help keep it that way," he said.