TfL publishes joint sponsorship policy
TfL has published its joint sponsorship policy with the Greater London Authority (GLA) to provide more information about the guidelines TfL and the GLA will follow when seeking or agreeing a sponsorship deal. The policy will also enable potential sponsors to assess whether they want to consider approaching the transport authority with sponsorship ideas.
TfL has already attracted high value sponsorship deals with Barclays, Emirates and Virgin Media. They have enabled the authority 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.
The sponsorship policy sets out four key principles TfL and the GLA will follow when working with any organisations on future opportunities: The Authority (GLA / TfL) may only enter into a sponsorship arrangement when it is in its best interest to do so; when it is lawful to do so; when the sponsorship supports or furthers the Authority’s objectives and priorities and finally, when it represents 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.
Director of Commercial Development at TfL, Graeme Craig, 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.’