Isle of Wight Council bosses have overturned a vote by councillors - who had rejected the partnership to secure £900 million of funding.
Tickets For The 2012 Olympics Go On Sale!
Tickets for the London 2012 Olympics are now on sale and will be available for the next six weeks.
The ticket application process will be open until April 26 and oversubscribed events decided via a ballot.
For the sailing events off the south coast there's around 4600 tickets available.
London 2012 chairman Sebastian Coe said organisers have taken all steps possible to prevent a technological meltdown due to high demand.
The 6.5million tickets will not be issued on a first-come, first-served basis so organisers are hoping to avoid a deluge.
Asked about fears of a computer system crash, Coe said:
"Yes it is a challenge but we have done everything we possibly could to avoid it given the scale and complexity.
"This is going to be the third largest online retail site in the world after eBay and Amazon.
"We do also have 42 days until April 26, and there is no more statistical chance of success from applying on first day or the moment before the public application closes.
"The six-week period should prevent a mad rush and reduce fraudulent activity and we are confident that the system we have is as good as it can be."
The 2.5million mark of people signing up for ticket information has been passed - the huge majority from the UK, with only 4% from overseas. Athletics has been comfortably the most popular event with more than two million indicating they want track and field tickets.
Football is viewed as the sport most likely to have surplus tickets but even that has had one million registers of interest.
"I'm confident we'll have sold just about every ticket when the Games begin," Coe added.
"I think people will view this as one of those life-changing moments and they will want to be there, cherish their tickets and describe the events to their grandchildren."
The Metropolitan Police announced today that detectives have made 49 arrests since a special squad called Operation Podium was set up in June to target ticket touts ahead of the Games.
Coe said no previous Games organisers had done more to target touts.
"I'm not saying we are going to have a tout-free Games - you would think I've taken leave of my senses if I said that.
"But no organising committee has done more to make life difficult for the touts. We have a 40-strong Metropolitan Police unit. The Home Secretary has announced they are scaling up the fines.
"We will closely monitor [the sellers] to make sure they abide by their contract and between us all we will get them."
The ticket distribution is due to be announced in June at which time the money will be debited from buyers' cards. Any tickets remaining available will then be put up for sale in another window.
Tickets for the Paralympics will not go on sale until September.
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