“Now TfL must actively seek bids from firms – not just wait for something to turn up”
Today has seen a major development on Londonwide Assembly Member Gareth Bacon’s costed proposal for the sponsorship of London’s Tube stations. TfL Commissioner Sir Peter Hendy has agreed to consider “Emirates style” offers.
“My report showed that Londoners overwhelmingly back tube sponsorship if it would help to bear down on fares. There is staggering potential revenue available from global brands associating themselves with the London Underground. Although Emirates Airlines has put a lot of money into sponsoring the Thames Cable Car, this has comparatively low usage compared to a more central tube station such as Oxford Circus: 30,000 journeys a week compared to 1.48 million. Imagine what we could raise if just a handful of London’s big stations were sponsored? Our estimates show that based on the revenue raised by the Emirates’ deal, £34 million over ten years, and other similar deals around the world, a package of long-term deals could raise hundreds of millions of pounds.”
“Whilst TfL initially appeared to dismiss the idea as unworkable, discussions at today’s meeting showed an appetite for exploring this idea further. The fare paying public will be delighted. It is now vital that TfL take the initiative on this and proactively seek out potential sponsorship partners rather than sit back and wait for opportunities to turn up.”
- Gareth Bacon is a Conservative Londonwide Assembly Member and sits on the Budget and Performance Committee
- The full report ‘Untapped Resource: Bearing Down On Fares Through Sponsorship’ can be downloaded at: www.glaconservatives.co.uk/ur