Santander confirmed as new 'Boris Bike' sponsor

Spanish bank Santander will pay a reported £7.25m per year to sponsor London's 'Boris Bikes', with thousands of bikes to be rebranded with the company's red colours

Santander has been confirmed as the new title sponsor of London's cycle hire scheme, taking over from Barclays in a deal worth over £7m per year.

The Spanish bank beat out Coca Cola in the race to sponsor the 'Boris Bikes' and will pay £6.25m a year for the rights, with another £1m paid annually to promote and grow the scheme - an increase on the £5m a year Barclays paid.

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Stuart Clarke is a News Associates trained journalist who has worked for the likes of the British Olympic Associate, British Rowing and the England and Wales Cricket Board, and of course Cycling Weekly. His work at Cycling Weekly has focused upon professional racing, following the World Tour races and its characters.