Transport for London publishes joint sponsorship policy with Greater London Authority
The policy will also enable potential sponsors to assess whether they want to consider approaching TfL with sponsorship ideas.
TfL is investing billions of pounds to modernise and improve London's transport network to support more jobs, homes and economic growth in the Capital and across the UK as a whole.
With London's population set to grow from 8.4 million today to around 10 million by 2030, TfL has a huge amount to deliver as it invests in and improves London's transport network and it has to do this as efficiently as possible, with best value for fare and taxpayers' money.
Successful sponsorship deals
TfL has already been successful in attracting high value sponsorship deals with Barclays, Emirates and Virgin Media.
The sponsorship deals have enabled TfL to deliver value for money for fare and taxpayers by contributing to the costs of constructing major infrastructure projects such as the Barclays Cycle Hire, Wi-Fi on the Underground through Virgin Media and the Emirates Air Line.
As part of its commitment to secure £3.5bn in commercial revenue, TfL is building on successful sponsorship deals by encouraging potential sponsors to submit innovative and new ideas for its existing infrastructure or new modes of transport.
TfL is making the most of its property and infrastructure by encouraging potential partners to engage in discussions.
Graeme Craig, Director of Commercial Development at TfL, said: 'We are working to secure around £3.5bn in commercial revenue over the coming years to invest in improving London's transport network. We've already established successful sponsorship deals which have supported new transport projects and we welcome dialogue with other interested partners.
'We're publishing our sponsorship policy to provide greater information on how we will be taking our sponsorship approach forward. Sponsorship enables us to deliver value for money for fare and taxpayers' and we've already seen the benefits it has brought to Londoners.'
The policy is available at tfl.gov.uk/businessandpartners/commercialopportunities/5797.aspx
Four key principles
The sponsorship policy sets out four key principles TfL and the GLA will follow when working with any organisations on future opportunities:
Principle 1: The Authority (GLA / TfL) may only enter into a sponsorship arrangement when it is in its best interest to do so.
Principle 2: Sponsorship arrangements may only be entered into when it is lawful to do so.
Principle 3: Sponsorship opportunities must support or further the Authority's objectives and priorities.
Principle 4: Sponsorship must represent value for money and any benefits conferred on the sponsor must be proportionate to the value of the sponsorship.
The policy will be reviewed annually.
Notes to editor:
- Barclays - Barclays Cycle Hire - tfl.gov.uk/static/corporate/media/newscentre/archive/15665.html
- Emirates - Emirates Air Line - tfl.gov.uk/corporate/media/newscentre/archive/24391.aspx
- Diageo - New Year's Eve free travel - tfl.gov.uk/static/corporate/media/newscentre/archive/21975.html
- Virgin Media - Wi-Fi on the Underground - tfl.gov.uk/corporate/media/newscentre/archive/24177.aspx