In 1867, the University of Oxford built a grass track 536 metres (0.333 mi) round at Marston Road Sports Grounds.

[1] In 1948, Roger Bannister, then a 19-year-old student at Exeter College, was elected President of Oxford University's Athletic Club.

Coe said "It is fitting that the track at Iffley Road where Roger (Bannister) set this momentous record should be re-named in his honour.

I hope that many other records will be set at this newly refurbished track and that some young athletes that run here will go on to compete in the London 2012 Games."

The opportunity to break the record came on 6 May 1954, when Bannister was competing in an event for the Amateur Athletic Association against Oxford University.

After Chataway and Brasher fell off, Bannister then went on to complete the final lap in less than a minute and broke the world record, collapsing when he finished.

A third member of the Oxford University team Nigel Miller arrived as a spectator and he only realized that he was due to run when he read the programme.