London Mayor Boris Johnson is inviting non-profit community based organisations to submit bids to run and develop Pride in the capital over a five year period under a grant agreement worth up to £500,000.
In a statement released on Wednesday, Mr Johnson said:
“London’s Pride celebrations are a key event in our city’s cultural calendar. They attract not just Londoners, but people from across the UK and around the world, contributing to a tourism sector that generates billions for our economy and creates thousands of jobs.
“I am proud of London’s reputation as a dynamic world city in which LGBT people can be who they are and it is only right that we should host a high-profile celebration to rival other major Pride celebrations around the world.”
July’s event had to be heavily scaled back after the organisers, Pride London, were forced to admit to a cash crisis just days before it was due to take place.
A decision not to allow an emergency financial rescue, which could have allowed floats to take part in the parade, was also denounced by human rights campaigner Peter Tatchell.