The London Eye: Financial Complications

To pay for such a gigantic project, Marks Barfield collaborated with British Airways, which financed it, took 50 percent ownership and re-named the attraction the British Airways Millennium Wheel. The original project plan called for a development and construction process ­of two and a half years. However, funding and paperwork delays put off the project, which shrunk its construction time to 16 months. Tony Blair officially opened the Millennium Wheel on Dec. 31, 1999, and in March 2000, it opened to the public. Although it was originally only granted permission for a five-year stay, the planning council made the London Eye a permanent London attraction in 2002. As of 2005, however, the London Eye hadn't yet turned a profit, and British Airways and Marks Barfield were in debt. In 2006, the Tussauds, a company that owns other attractions, bought the wheel and dropped "British Airways" from its name.

In May 2005 the South Bank Centre (SBC), the wheel's landlords, served the owners of the structure with an eviction notice after expressing their intention to increase the rent by 1500%.
The increase is understood to be from the current £65,000 a year to £1 million.

If the money is not paid, the wheel could be shut down. In an indication of the London Eye's elevated status among the UK's tourist attractions, the news prompted the Conservative party to suggest that London's Olympic bid could be damaged if it was forced to close.