Barclays Drops Boris Bikes
Barclays will drop its controversial bike-share sponsorship deal with Transport for London (TfL) three years early, paying only half of the £50m sponsorship fee scheduled to run through 2018. Since launching in 2010, Barclays Cycle Hire has loaned out over 26 million of the highly recognizable blue bikes.
"Barclays remains committed to the sponsorship agreement signed in 2010, but the bank and TfL have decided not to take up the option to extend it," TfL's director of commercial development, Graeme Craig said. "Several months ago Barclays began the process of a strategic review of its sponsorship programmes and has now made a commercial decision not to continue the sponsorship."
Barclays has said the decision is part of a wider review of all of its sponsorships deals undertaken directly by its former chief executive, Bob Diamond.