British Airways has agreed to sell the 135m-tall London Eye to its operator The Tussauds Group for £95m.
BA commercial director Martin George said: “I am delighted that we have reached an agreement that paves the way towards securing the future of the Eye for generations to come.
“British Airways has supported the Eye for nearly a decade and will continue to do so with the extension of its franchise agreement.
He added: “The deal will also enable us to continue to strengthen our balance sheet and focus on our core business.”
Peter Phillipson, chief executive of The Tussauds Group, said: ‘It has been everyone’s objective to create a financially secure and long-term future for the London Eye and this deal will achieve this.”
Tussauds plans to invest £50m in the Eye over the next five years.
BA, Tussauds and architects Marks Barfield have been battling with the South Bank Centre recently over plans to increase the Eye’s rent.
References: EGi News 10/11/05
