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.”

Last month, the London Assembly launched an investigation into the financial failure of this year’s World Pride.

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.

Mr Johnson was also accused of letting down the capital’s Pride movement, after he failed to attend the event.

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.