Transport for London (TfL) has found a new sponsor for east London's cable car, but is set to receive only a fraction of what it earned under the previous deal.
A contract seen by the PA news agency shows technology company IFS will pay £420,000 per year for the naming rights of the link between The O2 and Royal Victoria Dock.
TfL was paid £3.6 million annually by airline Emirates for a 10-year cable car sponsorship package, which expired in June.
The agreement with IFS will run for at least two years and see the connection over the River Thames named the IFS Cloud Cable Car.
IFS chief marketing officer Oliver Pilgerstorfer said: “IFS is a rapidly growing global technology company and the opportunity to have our brand intrinsically linked with a visible part of the London transport system is fantastic.
“Our software is behind the construction and running of the IFS Cloud Cable Car, which makes for a truly authentic partnership.”
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