Bannister entered the record books at Iffley Road in 1954
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A £19m sports complex is being opened at the historic site where Roger Bannister broke the four-minute mile.
Lord Coe, chairman of Olympic organising committee, will officially open the track at Oxford University's Iffley Road sports complex on Thursday.
Lord Coe said: "It is fitting that the track at Iffley Road where Roger set this momentous record should be re-named in his honour."
The original running track dates back to 1880.
The facilities at Iffley Road would cater for 80 sports
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In 1948, Roger Bannister, then a 19-year-old student at Exeter College, was elected president of the athletic club and made it a prime aim to replace the bumpy, uneven track with a new six-lane 440-yard track.
It was while studying medicine at Oxford University that a 25-year-old Sir Roger recorded a time of 3:59.4 at the Iffley Road track.
Sir Roger said: "This place brings back memories of so many great friends.
"I cannot but feel gratitude that my name will be linked in perpetuity with this track."
The resurfaced track has now been awarded UK Athletics certification to hold meetings and be eligible for record attempts.