Transport for London has lodged a formal bid for Metronet, the consortium hired to upgrade the London underground network currently in administration. 

TfL currenly funds Metronet's work, and London Mayor Ken Livingstone hassaid that he would plan to split up the remains of Metronet's contract if it was acquired. 

In a statement, TfL said "Under TfL's plans, the people and the assets of Metronet Rail BCV Ltd and Metronet Rail SSL Ltd will be transferred into two TfL nominee companies, which will be managed on a standalone basis whilst the long-term structure is agreed with the mayor and government." 

Ernst & Young, Metronet's administrator, said "a response to TfL will be made over the coming week or so".