Millions of pounds could be earned by Transport for London (TfL) should sponsorship deals go ahead throughout the entire public transport network, bbc.co.uk reports.
Commuting is a big part of working in the capital, as many people will attest. However, those with jobs in London could in the near future see the name of their favourite stations change, should TfL adopt the suggestions made in a new report.
Devised by the Conservative London Assembly, the report claims that by sponsoring parts of the network, TfL could not only earn lots of money, but this money could be used to keep fares fixed for several years and fund infrastructure works.
The ‘Untapped Resource: Bearing Down of Fares Through Sponsorship’ report claimed that 82 per cent of those travelling across the network were in support of some sponsorship if it meant that fares would not rise.
Report author, Gareth Bacon said: “We have the potential to command tens, if not hundreds of millions of pounds through sponsorship deals on stations, lines, trains and bus routes.
“Sponsorship is already used on metro systems across the [world] in places like Madrid, Dubai and New York. TfL must follow in these footsteps if London’s transport network is to remain one of the best, too.”
Commuters could possibly see their routes changed to incorporate ‘Burberry by Bond Street’ or ‘Virgin Euston’, the report suggested.
TfL doesn’t seem so keen, according to ft.com. Director of commercial development, Graeme Craig, said that he thought even the sponsors would be reluctant to change the names of stations which have been in existence for many years. He thought the idea “is in danger of looking tacky”.