New sponsor for London cable car to pay TfL a fraction of previous deal

New sponsor for London cable car to pay TfL a fraction of previous deal
New sponsor for London cable car to pay TfL a fraction of previous deal

Cash-strapped Transport for London (TfL) has finally found a new sponsor for its cable car, but will receive a fraction of what it earned under the previous deal.

A contract seen by the PA news agency shows tech firm IFS will pay just £420,000 a year for the naming rights for the east London link between the O2 in the Greenwich Peninsula and Royal Victoria Dock .

TfL received £3.6m a year from Gulf airline Emirates for a 10-year cable car sponsorship package, which expired in June.

The link was made when Boris Johnson was Mayor of London (Stefan Rousseau.PA)

The deal with IFS will last for at least two years and will see the connection across the Thames named IFS Cloud Cable Car.

London Mayor Sadiq Khan on Tuesday described a funding deal struck between the capital’s transport authority and Prime Minister Boris Johnson’s government as “far from ideal”.

He warned TfL had a £740m funding shortfall in its budget over the next 20 months, with rate increases and service cuts under consideration alongside efficiency savings.

Mr Johnson opted to build the cable car at an estimated cost of £60m during his time as mayor of the capital.

When it opened in June 2012 – a month before London hosted the Olympics – he claimed it would lead to the creation of thousands of jobs and be a vital addition to London’s transport network.

But the cable car has failed to attract many regular commuters and by September last year it had only been used for 13 million trips in its lifetime, equivalent to the number of journeys made by metro in less than a week.

Josh Crompton, Head of London Cable Car at TfL, said: “Over the past 10 years we have seen the London Cable Car attract tens of millions of visitors and secure its place as the Kingdom’s must-see attraction. -United.

“Partnering with IFS is an exciting opportunity to continue to build on the success of the most unique part of London’s skyline.”

Oliver Pilgerstorfer, Chief Marketing Officer of IFS, said: “IFS is a rapidly growing global technology company and the opportunity to have our brand intrinsically linked to a visible part of London’s transport system is fantastic.

“As well as being iconic, the IFS Cloud Cable Car will proudly serve a diverse clientele of Londoners, tourists and business travelers from around the world on a practical level.

“The opportunity to showcase the IFS brand on this platform makes perfect sense.

“Our software is behind the construction and operation of the IFS Cloud Cable Car, making it a truly genuine partnership.”

. new sponsor for cable car London will pay TfL a fraction the previous agreement

. sponsor London cable car pay TfL fraction previous deal

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