Tate lose UBS sponsorship and announce extension fundraising progress

Tate Modern yesterday announced at their annual press conference that they had lost the backing of UBS, but announced that they were 'around halfway' towards raising the funds required for the Tate Modern extension. "Some sponsors come, others go", said Tate Director Nicholas Serota. “We have enjoyed our association with Tate, a fantastic, world class organization,” Oliver Gadney, a spokesman for UBS in London said, according to Bloomberg. “We will continue to support them as corporate members.” Switzerland's biggest bank gave Tate an undisclosed amount of money to hang its collection which was available to be seen by members of the public free of charge.

With regards to the new building, the idea that the Tate Modern extension, designed by architects Herzog & de Meuron will be ready in time for the 2012 Olympics is looking uncertain. Work has begun on the oil tanks area underneath the building, and on converting this space. It seems relatively certain that this element of the extension can go ahead, but the greater part of the new building - a large pyramid-like extension, will perhaps be put off for a few years yet. “I am absolutely certain that you will have something to see” in 2012, said Serota. “There are undoubtedly people who have the resources to help us at the level required to complete this project.”