When the project was announced, Transport for London initially budgeted it at £25 million and announced that it would be entirely funded by
private finance.
[6] This figure was then revised to £45 million, and by September 2011 the budget had more than doubled to £60 million, reportedly because TfL had not taken account of the costs of legal advice, project management, land acquisition and other costs.[
citation needed] TfL planned to make up the shortfall by paying for the project out of the
London Rail budget, applying for funding from the
European Regional Development Fund and seeking commercial sponsorship.
[12]
In January 2011,
News International were planning to sponsor the project but subsequently dropper their offer
[13]. In October 2011, it was announced that the
Dubai-based airline Emirates would provide £36 million in a 10-year sponsorship deal which included branding the cable car service with the airline's name.
[1]