Santander UK to replace Barclays as 'Boris bikes' sponsor

Santander UK could soon replace Barclays as the backer of London's cycle-sharing scheme.According to Sky News, the lender is close to seal a £50m deal to replace its sector peer as sponsor of the British capital's cycle scheme.Santander and Coca Cola have been locked in a race to replace Barclays, which has been involved in the scheme since it was set up in 2010, as the main sponsor on the so-called "Boris Bikes".Santander is expected to pay £7.5m per year for seven years to replace Barclays' branding with its characteristic red and white logo over more than 10,000 bikes across the capital.The report added that Transport for London (TfL), which operates the scheme, could formalise the deal as soon as next week, even though both parties are still to put pen to paper on an official contract."We are currently going through the final stages of the contractual process to appoint the new sponsor of London's Cycle Hire scheme, and will announce it in due course," said Graeme Craig, TfL's director of commercial development."We're at a really exciting point in the evolution of Cycle Hire, including record numbers of users in 2014."The new sponsor will have the exceptional opportunity to be entwined within the fabric of London and help us deliver the scheme further to get even more people on to two wheels."