Austerity Britain Prepares For The World's ***** - Wembley Stadium - home of the 1948 Olympics - photographod from the air. This London arena - built for the British Empire Exhibition of 1924 - comfortably holds 90,000 but has accommodated over 120,000 people. Here King George VI will open the 1948 Olympics. Wembley, main centre of the Games, will stage athletics, swimming, boxing, football, hockey and gymnastics. A seven-lane running track is being built inside the Stadium, together with further car parks, restaurants, rest-rooms and dressing-rooms. February 27, 1948.