London Eye looks for new sponsor as BA pulls out

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Sir Richard Branson's Virgin Atlantic said it was interested in taking over.

BA's decision shocked business and tourism chiefs. The company admitted the huge sponsorship cost - "several million pounds" a year - had been a consideration in pulling out.

A spokeswoman said: "Our sponsorship priorities have changed. It's been a fantastic time but the relationship has come to a natural end. Of course finance was a consideration.

"We are proud to have played a key role in creating the London Eye," she added. "It has become a modern symbol for London worldwide and helped regenerate the South Bank."

Paul Charles of Virgin Atlantic said: "We will be contacting the owners immediately. BA's loss is our gain."

It is understood the decision to pull out was sanctioned by BA chief executive Willie Walsh, who has been reviewing the company's "core" role. An industry source said: "With massively increased competition from other airlines and the opening of Heathrow's T5 in March he is concentrating everything on improving service and finance."

The London Eye Company said BA decided against extending the contract after selling its financial interest in the Eye in 2005 for £100.5 million.

BA today announced it is launching a subsidiary airline in June after the liberalisation of the transatlantic market permits it to fly between any US and EU destination.

OpenSkies will at first operate one Boeing 757 between New York and either Brussels or Paris. The plan is to operate six 757s by the end of next year.

The liberalisation will also end restrictions which mean only BA, Virgin, United and American Airlines are allowed to operate between Heathrow and the US. Air France and Delta have already announced a joint venture to operate transatlantic services when this restriction is eased from April.