– Graeme Craig, Transport for London
In recognition of the growing demand for cycling expenditure, TfL is to seek new commercial partners to add significant sponsorship income to the £913 million already devoted to cycling.
There will be no reduction in public funds spent on the cycling programme, which have been entirely protected from the cuts in the Comprehensive Spending Review and Autumn Statement.
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.
Barclays is ending its sponsorship of the so-called Boris Bikes. The bank's logo has been sen on the blue cycles since their introduction three years ago.
Transport for London will have to look for be forced to look for a new sponsor after Barclays announced plans to discontinue with the deal at the end of its contract in 2015.