The Olympic Park Legacy Company (OPLC) has launched a formal expressions of interest process for operating the Anish Kapoor and Cecil Balmond-designed ArcelorMittal Orbit.

Located between the Olympic Stadium and the Aquatics Centre, the sculpture won the competition to create an accessible piece of art for the Olympic Park.

It will be operated as a visitor attraction both during the 2012 Games and in legacy mode.

The £22.8m, 114m-tall sculpture will have two observation floors and the chosen operator will be expected to run the venue and also be responsible for ticketing, marketing, events, hospitality and catering.

OPLC, which will be responsible for the entire Olympic park in legacy mode, is looking to secure an operating contract for a 10-year period.

It is hoped that the venue will attract up to one million visitors in its first year, generating around £10m per year in revenue through ticket sales, catering, merchandise and private functions.

OPLC is expected to appoint an operator by June 2011, with the aim of managing the fit out of the venue.