20 March 1998

Privatisation plan for about £7bn ($9.3bn) investment over 15 years announced by deputy prime minister John Prescott. Private sector to maintain and upgrade civils and railway infrastructure including rolling stock in three packages. Unified body to operate whole railway system. Freehold remains in public ownership.

15 June 1999

Prequalification starts. Bids invited for:

"Infraco JNP"; Jubilee, Northern and Piccadilly lines on which £2.7bn ($3.8bn) is to be spent in 15 years.

"Infraco BCV"; Bakerloo, Central, Victoria and Waterloo & City lines with £2.3bn ($3.2bn) spending.

LU says it is in discussions with Railtrack, the "Sub-Surface Infraco" of Circle, District, East London, Hammersmith & City and Metropolitan lines, about their £3.2bn ($4.5bn) spending.

Internal reorganisation begins at LU dividing infrastructure staff into three groups of about 2000 people shadowing the new privatised structure into which they will be transferred.

7 October 1999

LU announces initial bidders list for deep level tube lines JNP and BCV infracos, says it is still talking with Railtrack on Sub-Surface lines.

Late 1999

Railtrack falls out of talks in the aftermath of Ladbroke Grove rail crash. LU invites other consortia to bid for Sub-Surface lines.

March 2000

Prequalification bids received by LU for deep level lines.

28 March 2000

Prequalification list announced for Sub-Surface lines, "Infraco SSL".

5 July 2000

LU announces shortlist for deep level tubes. Linc and Metronet compete for Infraco BCV, TubeLines and TubeRail compete for Infraco BCV.

15 September 2000

Bids received by LU for sub-surface lines from Linc, Metronet and SurfaceLines Group.

Mid-November 2000

"BAFOs": Best And Final Offers go in from bidders for deep level lines Infraco JNP and Infraco BCV. Detailed negotiations and due diligence starts.

Late2000/Early 2001

BAFOs go in for Infraco SSL. Detailed negotiation and due diligence starts on sub-surface line bids.

January 2001

Result of bids for deep level lines to be announced, possibly for sub-surface lines as well.

April 2001

Three Infracos take over assets on 30 year leases.

Overall management of LU operations passes to Transport for London.