The track is thought to be the oldest of its kind
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A cycle track which has been in use since the 1890s has reopened in south-east London.
The Herne Hill Velodrome closed in February when the Dulwich Estate refused to extend the council's lease.
But it has agreed a three-year lease with British Cycling and hopes to set up a "thriving community club".
It is also hoped the Velodrome will be used to train Britain's future Olympic cyclists. Olympic medallist Bradley Wiggins trained on "The Hill".
Training ground
Those campaigning to keep the site in use say it is unique because it is the oldest and biggest outdoor track and is suitable for cyclists of all abilities.
Among those at the opening ceremony on Friday is 1992 Olympic Gold medallist Chris Boardman.
He told BBC News: "I think it is absolutely critical for us that we have got a facility - this is in use every night of the week".
The velodrome, the only one in London, was built in 1891 by a group of local cycling clubs and attracted crowds in the 1920s and 1930s, when track cycle racing was very popular.
In 1908 and 1948 it hosted Olympic cycling, but is not expected to be a venue for the 2012 Games, although its backers say it will be an important training ground for potential competitors.
Landowners The Dulwich Estate refused to extend Southwark Council's lease because they did not believe its plans to improve the ageing facilities was sufficient.
The site will now be regenerated by British Cycling, the sports governing body, who will run it in partnership with the Velo Club de Londres.