HSBC will be bringing an end to its multi-million pound British Cycling sponsorship.
The banking group has sponsored the national governing body since January 2017, as part of an eight-year deal, but HSBC will end its sponsorship at the end of 2020.
HSBC is exercising a break clause in the contract to bring its sponsorship to an end four years into the deal.
Earlier this month, HSBC announced that it would cut around 35,000 jobs as it announced profits dropped by around a third last year.
The aim of the HSBC and British Cycling Partnership was to get two million people cycling by the end of 2020, and the project is expected to exceed that goal.
Chief executive of British Cycling, Julie Harrington, said: “We will part with HSBC UK as firm friends and in the meantime look forward to working with them to support our riders to achieve their best in Tokyo.
“Over the last 20 years, British Cycling has enjoyed extraordinary success - both in terms of winning on the global stage and in using that inspiration to encourage more people to cycle more often.
“We are an ambitious organisation with a proud tradition of setting and hitting big targets and we know that more people on bikes is the solution to many of society’s biggest challenges. As we look to 2021, we will be actively engaging the market to find a new partner to be part of the next stage of our exciting journey.”
HSBC was headline sponsor of a number of British Cycling events, including Let’s Ride, Go Ride, Breeze and Ready Set Ride, with a total of 525,000 people taking part last year.
Ian Stuart, chief executive of HSBC UK, said: “We are extremely proud of what our partnership has delivered over the last three years and excited about what it can achieve this year. When we set off on this journey together we wanted to get two million people cycling regularly and we’re on track to smash through that this year.
“We wanted this partnership to create a legacy and it has. It has changed the way we approach things as a company as we encourage our customers and our colleagues to make healthier and greener choices.
“2020 will be an exciting year for the sport, with Britain willing on our athletes to medals in Tokyo. It’s been a privilege to be involved in building the grassroots of a sport with such a fantastic future.”
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