ES News email The latest headlines in your inbox twice a day Monday - Friday plus breaking news updates Enter your email address Continue Please enter an email address Email address is invalid Fill out this field Email address is invalid You already have an account. Please log in Register with your social account or click here to log in I would like to receive lunchtime headlines Monday - Friday plus breaking news alerts, by email Update newsletter preferences

Community groups have been asked to bid for the right to run London’s gay pride celebrations for the next five years under a scheme announced by Boris Johnson.

The Mayor has pledged £650,000 in grants to the successful bidders and hopes a more professional tendering process will avoid the last-minute disasters of this year’s event.

Under the new process, the winning bidder will run the Pride celebrations for five years with a grant agreement from the Mayor of £500,000. The fee for using Trafalgar Square will be waived and an events officer would be assigned to the project, taking the total sponsorship to more than £650,000.

The event was plunged into chaos this year when a huge funding shortfall meant the celebrations were scaled back at the last minute, with no floats allowed on the parade, no formal street party and an earlier finishing time of 6pm.

Community groups and businessmen blamed chronic mismanagement and the entire board of Pride London resigned last month, leaving next year’s event in limbo. Pride celebrations in the capital have been running for 40 years, organised by an elected board, but have frequently run into financial problems, in-fighting and other problems.

The London Assembly’s oversight committee has launched an inquiry into how £100,000 of taxpayers’ money was spent on Pride this year.

Mr Johnson said: “London’s Pride celebrations are a key event in our city’s cultural calendar.” Not-for-profit community organisations have been asked to submit expressions of interest to the Mayor’s office.