BC Place, the Vancouver stadium that will host the opening and closing ceremonies of next year's Winter Olympics, will follow the event with the installation of a new roof at a cost of more than US$400 million.

BC Pavilion Corporation (PavCo) and PCL Construction have signed a fixed-cost contract that will see the largest cable-supported, fully retractable fabric roof in the world installed by 2011, when the Vancouver Whitecaps franchise will enter Major League Soccer.

According to reports, the roof will cut energy costs at the stadium by more than US$300,000 annually, while almost US$100,000 annually will be saved in operational savings. PavCo believes the roof will allow an extra 41 events to be held at the stadium every year.

• Vancouver Whitecaps secure MLS place
• More millions invested in Vancouver Olympic Games

"A new retractable roof will allow PavCo to attract a broader range of sporting and entertainment events, and continue to host the province's largest consumer shows and cultural events that benefit Vancouver and our entire province," said minister of tourism Kevin Krueger.

"It will also allow us to provide a revitalized home to the BC Lions and allow for the establishment of the first season of the Vancouver Whitecaps as a Major League Soccer franchise in 2011."