The Notting Hill Carnival is to go corporate this year with hospitality tents for big businesses and increased sponsorship, organisers have said.
Chris Mullard wants the carnival to make money
The chairman of the Notting Hill Carnival Trust Ltd, Chris Mullard, told the BBC that the move would mean the event could stop losing money and begin to finance itself.
He added that up to five organisations were in talks with carnival organisers, and money transfer firm Western Union had already signed up.
A corporate supporters group has been set up for interested companies to contact.
Mr Mullard said: "I think we've got a choice to make.
"Whether to maintain a carnival which is losing money or whether we deliver a bigger, better and safer carnival, which can not only finance itself but finance the carnival industries that surround it."
Speaking about the branding of the Notting Hill Carnival he said: "We are very distinctive and we are integral to the multicultural diversity ethic embedded in London and beyond.
"So I think a lot of companies are beginning to show an interest, particularly along the lines of corporate social responsibility.
"They want to be identified with an event that is joyous and artistically excellent."
In June, the Arts Council withdrew funding for this year's event saying the Notting Hill Carnival Trust, which had organised the festival, "failed to meet the conditions of funding".
Notting Hill Carnival Trust Ltd was formed to tackle the infighting of recent years and board members are made up of representatives from each of the main groups contributing to Europe's largest street festival.
Up to 1.5 million people are expected to attend the event in August.