British Cycling have announced HSBC UK as its new sponsor on an eight-year deal starting January 1, 2017. Sky announced last July it would be ending its sponsorship of the governing body with the new HSBC UK deal focused on growing grass roots cycling.
"This is a huge moment for cycling in Great Britain," said Ian Drake, CEO of British Cycling. "Working together with HSBC UK, we will provide the encouragement and opportunities to make cycling the most popular activity and sport of choice in Great Britain. We want to help transform an increasingly inactive and unhealthy nation through cycling."
The partnership is aligned with the British government's Sporting Future Strategy that focuses on physical and mental wellbeing along with "individual development, social and community development and economic development as measures by which sporting success will be defined by in the future." To achieve these aims, British Cycling and HSBC UK will host free mass participation rides along with local and events and programmes.
The new deal has been endorsed by Sir Chris Hoy with the six-time Olympic gold medallist explaining the announcement benefits anybody who rides a bike.
"We've had a great eight years with Sky and now with HSBC UK making a long term commitment to British Cycling, it's going to help anyone who wants to get on a bike to have fun, get fit, go to work or school, or compete right up to the very highest levels of international sport," Hoy said.
Laura Trott, who won two gold medals in Rio to add to her two gold medals from London 2012, also praised the new deal with HSBC UK.
"For us, sporting success is about more than medals and trophies," said Trott. "It's about inspiring more people to get on a bike and be active, and British Cycling’s partnership with HSBC UK will do exactly that, which is why I am so excited today."
For HSBC CEO António Simões, the partnership is one that will benefit every UK home and hopes it will see more Britons take up cycling.
"We are extremely proud to be working in partnership with British Cycling. Successes at the Olympics and Paralympics in both London and Rio have put cycling well and truly on the map and we are looking to help build on that legacy to make a real difference from grass roots cycling all the way up to those representing Great Britain at the very highest level. Our ambition is for this to become a true partnership that benefits every family across Great Britain."