The French scheme, which had been paid for through advertising, is now set to receive cash from Parisian taxpayers following theft and damage of the hire bikes.
Advertising firm JCDecaux is now also set to share in the scheme’s profits in return for helping cover extra costs.
8,000 of the £550 costing bikes have been stolen, while 18,000 were damaged beyond repair. Some of those stolen bikes have reportedly appeared in Africa and Australia.
It is hoped that the London Cycle Hire Scheme will generate 40,000 extra bike journeys in the capital.